IFC to invest Rs 150 cr to fund Ashiana's housing projects

IFC, the investment arm of World Bank, will invest Rs 150 crore in the residential housing projects of developer Ashiana Housing.

Ashiana Housing Ltd (AHL) and International Finance Corporation (IFC), a part of World Bank Group, have entered into an agreement to co-invest in upcoming affordable and middle income residential projects including in senior living projects, the realty firm said in a BSE filing.

"The agreement envisages a total investment of Rs 150 crore on a project to project basis by IFC, representing 40 per cent of the capital required by a project. The remaining 60 per cent of the capital required, i.e. Rs 225 crore, will be contributed by AHL," it said.

The investment of IFC will primarily be in the form of non-convertible debentures for identified projects with returns linked to project specific returns, it added.