Carlyle Group Invests $26 Mn In Jerry Rao's Affordable Housing Project
by Irfan Khan
Carlyle Group-FCG IX Fund will invest about $26 Mn in Jaithirth Rao's Value & Budget Housing Corporation.
Existing investors HDFC and India Financial Inclusion fund will also invest alongside Carlyle. The two existing investors had earlier invested Rs90 Cr in the company.
The funding will be used by VBHC to finance the building of new homes for its flagship project Vaibhava in Bangalore. It has so far sold more than 1,000 units at its first housing project in Bangalore, launched in 2010, and aims to sell another 900 starting next month. The project offers apartments priced between Rs5.5 lakh to Rs11 lakh.
Jerry Rao is also planning integrated housing projects in Chennai, Hyderabad and NCR region.
Avendus Capital was the financial advisor to the company for this transaction.