Jain Housing raises Rs 175 crore from Apollo Global and Nippon Life

The company, which has been in constructing residential apartments and complexes for over 33 years, will use the proceeds to reduce its debts

Jain Housing has received funding of about Rs 175 crore from two global financial institutions, Nippon Life Asset management Ltd of Japan and Apollo Global Management of US, which it will use to reduce its existing debts.

Jain Housing has been in the business of constructing residential apartments and complexes for over 33 years. 

In the past three decades, the company has delivered 185 projects in the south. It currently has 20 under-construction projects worth about Rs 4,000 crore at Chennai, Hyderabad, Coimbatore, Kochi, Bengaluru and Tirupur. 

"In the past, the company managed to obtain about Rs 5,150 crore from various domestic and global financial institutions such as GIC sovereign wealth fund-Singapore, Xander finance and so on,” said Sreyansh Mehta, Joint Managing Director, who was in the forefront on the current deal.