Omaxe Pays Off Debt, Fuels Growth with New Funds

18 Jan 2024 CW Team

Omaxe Group, a listed real estate developer, has completed the early closure of a Rs 440 crore loan while securing fresh financial assistance of Rs 450 crore from Kotak Mahindra Bank, signifying a strategic financial maneuver for future growth.

The company fully repaid the loan from Credit Solution India Trust (Varde Partners) along with accrued interest, demonstrating its financial discipline and commitment. Rs 290 crore of the new funding from Kotak Mahindra was used to repay Varde Partners, while the remaining Rs 160 crore will be channeled towards ongoing project development.

"This development significantly fortifies our position for sustained growth and success," said Atul Banshal, Omaxe Director of Finance. He expressed thanks to Varde Partners for their support in the Omaxe Chowk project and reaffirmed the company's commitment to delivering exceptional real estate projects.

In line with this commitment, Omaxe Managing Director Mohit Goel had previously announced plans to launch projects spanning 1,200 acres in Tier II and Tier III cities across Uttar Pradesh, Madhya Pradesh, and Punjab, with an expected investment of Rs 4,000 crore over the next four years.

This strategic financial move and planned project expansion underscore Omaxe's focus on consolidating its financial position while driving robust growth in the coming years.

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