Birla Estates (BEPL), a wholly owned subsidiary of Aditya Birla Real Estate (formerly Century Textiles and Industries), announced signing of agreements for an investment from International Finance Corporation (IFC), a member of the World Bank Group.
This investment underscores Birla Estates' commitment to delivering sustainable and superior real estate developments across India. The investment, approximately USD 50 million (Rs 420 crore), will be directed towards two of Birla Estates' key developments: with approx. Rs 148 crore in Birla Estates' Manjri project (Pune) having approx. 3.13mn sq. ft saleable area and approx. Rs 272 crore in Birla Estates' Thane project with approx. 6.43mn sq. ft saleable area.
The projects will be developed through two Special Purpose Vehicles (SPVs) owned and controlled by Birla Estates. IFC's investment will be made into these SPVs, which will serve as the development platform for both projects. Under the structure, Birla Estates will hold a 56% economic interest, whereas IFC will hold a 44% economic interest in the SPVs.