Carlyle Group Invests $26 Mn In Jerry Rao's Affordable Housing Project
by Irfan Khan
@Carlyle_Group1-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 was the financial advisor to the company for this transaction.
Hyderabad-based CVR Group unit Navayuga Power may sell stake in its power assets to Toshiba, Sumitomo, Mitsubishi & GDF Suez. The deal Value expected to be in between INR 13,800 to 14,400 Mn for equity stake 49 to 51%.
DealCurry tracks financial and corporate markets for events, interprets and integrates the information in our platform, providing premium data, news and analytics. DealCurry provides comprehensive coverage of the capital markets through an intuitive, user-friendly interface.