Altico Cap to provide Rs 300cr line of credit to Phoenix Group

Non-banking finance company Altico Capital today said it will provide a credit line of upto Rs 300 crore to realty player Phoenix Group.
"The funding, which shall be made in tranches is proposed to be used by Phoenix largely towards refinancing of some existing lenders and for construction funding across two of its projects in Hyderabad," Altico said in a statement.
Phoenix is developing a residential project 'Halcyon' at Jubilee Hills and a commercial project at Hafeezpet, in Hyderabad.
Recently, Altico Capital had also invested in a residential project of Bengaluru-based Mantri Group in Hyderabad.
"Altico will be looking at similar transactions in commercial real estate segment including logistics and warehousing in next financial year to complement its existing real estate book as part of its diversification strategy" Altico Capital Chief Executive Sanjay Grewal said.

He said availability of land, favourable government policies and robust infrastructure are few of the reasons which we think will lead to growth of real estate in Hyderabad.

"We are evaluating multiple opportunities in Hyderabad across residential and commercial space and plan to deploy another Rs 750-1000 crore during the next financial year" he added.
Hyderabad-based Phoenix Group has so far delivered over 7 million sqft of residential and commercial space.
Recently, the group has signed up with Embassy Group to develop a 7 million sqft of commercial SEZ in the IT corridor of Gachibowli, Hyderabad on JV basis, it added.