+
Alliance Group gets Rs 165 cr from Kotak for realty project in Chennai
Real Estate

Alliance Group gets Rs 165 cr from Kotak for realty project in Chennai

Real estate company Alliance Group has raised Rs 165 crore from Kotak Realty Fund for an ongoing residential project in Chennai.

The debt was taken against affordable housing projects. It has taken nearly Rs 800 crore from Kotak Realty Fund for five housing projects in Chennai and Hyderabad.

The Old Mahabalipuram Road project of the Alliance Group is spread across 12.5 acres and has 4,000 units worth Rs 30 lakh to Rs 55 lakh each.

Chairman of Alliance Group, Manoj Namburu, said that the company closed two deals with Kotak during the Covid-19 pandemic and expanded its business in Hyderabad. The last funding round was used to provide an exit to Indostar.

Kotak Investment Fund had previously invested in Alliance Group's residential project in 2016 from its $400 million funds raised in 2014 from Abu Dhabi Investment Authority.

Currently, the company has 20,000 houses under different stages of construction and plans to build 50,000 more units in the next three years.

Namburu said that there are always a lot of tailwinds situation in business, but having a strong finance partner helps the company to expand quickly and brings opportunity in diversity.

The real estate firm also speaks with institutional funds of warehousing space, besides increasing its reach in commercial sectors.

Image Source

Also read: Shrem group plans to raise Rs 600 cr by diluting 15% stake in InVIT

Real estate company Alliance Group has raised Rs 165 crore from Kotak Realty Fund for an ongoing residential project in Chennai. The debt was taken against affordable housing projects. It has taken nearly Rs 800 crore from Kotak Realty Fund for five housing projects in Chennai and Hyderabad. The Old Mahabalipuram Road project of the Alliance Group is spread across 12.5 acres and has 4,000 units worth Rs 30 lakh to Rs 55 lakh each. Chairman of Alliance Group, Manoj Namburu, said that the company closed two deals with Kotak during the Covid-19 pandemic and expanded its business in Hyderabad. The last funding round was used to provide an exit to Indostar. Kotak Investment Fund had previously invested in Alliance Group's residential project in 2016 from its $400 million funds raised in 2014 from Abu Dhabi Investment Authority. Currently, the company has 20,000 houses under different stages of construction and plans to build 50,000 more units in the next three years. Namburu said that there are always a lot of tailwinds situation in business, but having a strong finance partner helps the company to expand quickly and brings opportunity in diversity. The real estate firm also speaks with institutional funds of warehousing space, besides increasing its reach in commercial sectors. Image Source Also read: Shrem group plans to raise Rs 600 cr by diluting 15% stake in InVIT

Next Story
Infrastructure Urban

ITCONS Gains on New Rs 3.5 Million Defence Contract

ITCONS E-Solutions is trading at Rs 549.00, up by Rs 12.10 or 2.25 per cent from its previous close of Rs 536.90 on the BSE. The scrip opened at Rs 549.00 and has touched an intraday high and low of Rs 549.00, with 200 shares traded so far.A BSE ‘MT’ group stock with a face value of Rs 10, ITCONS touched its 52-week high of Rs 767.00 on 25 September 2024 and a 52-week low of Rs 166.70 on 5 August 2024. Over the past week, the stock has fluctuated between Rs 560.00 and Rs 510.60. The company's current market capitalisation stands at Rs 3.3 billion.Promoters hold 58.22 per cent of the compan..

Next Story
Infrastructure Urban

Delhi Extends EV Policy Till March 2026

The Delhi government has extended its existing Electric Vehicle (EV) Policy until 31 March 2026, or until a revised version is approved. The decision was made during a Cabinet meeting chaired by Chief Minister Rekha Gupta on Tuesday.According to Transport Minister Pankaj Kumar Singh, the draft of the new policy will undergo broader public consultation before being finalised, prompting the extension to allow time for thorough stakeholder engagement.The consultation process will include inputs from citizens, environmental groups, academic institutions, industry experts, and private firms. Key fo..

Next Story
Infrastructure Urban

Ather Crosses 400 Fast Chargers in Maharashtra

Electric two-wheeler manufacturer Ather Energy announced on Thursday that it has surpassed 400 fast charging points under its Ather Grid network across Maharashtra.The company's fast charging infrastructure now spans 35 cities in the state, including key urban centres such as Mumbai, Nashik, Pune, and Nagpur."Crossing 400 fast chargers in the state is about giving riders the assurance that they'll always find a charger when they need one. As we expand our retail presence, the charging network will continue to grow in tandem to make EV ownership truly seamless," said Ravneet Singh Phokela, Chie..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?