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Altico pumps Rs 600 cr in Renaissance Group logistic park

Press Trust of India  |  New Delhi 

has invested Rs 600 crore as debt in a warehousing and logistic park being developed by in Metropolitan Region (MMR).

Another Rs 50 crore has been infused by Altico's founding shareholder (now Fiera Capital).

has recently closed Rs 650 crore transaction in the warehousing and logistics sector with based promoted by Mayur Suchak, the company said in a statement.

"The funding is towards an ongoing warehousing and industrial park named 'Renaissance Industrial Smart City' in Bhiwandi having a development potential of 20 million sq ft across warehousing and industrial space. The park is the only one in to have the Integrated Industrial Area licence," said Sanjay Grewal, CEO, Altico.

Over 3 million sq ft of warehousing space in the project has already been committed to tenants, including a leading global

intends to diversify beyond into other allied sectors such as hospitality, healthcare, education and core infrastructure.

"The sector is poised to witness a period of high growth over the next few years driven by the introduction of a common Goods and Services Tax across India, increasing demand from e-commerce players, granting of infrastructure status to the sector by the Government, among several reasons," he added.

Altico's gross income grew to Rs 585 crore from Rs 425 crs in the first half of FY2018, posting a robust year-on-year growth of 38 per cent. Its net profit stood at Rs 160 crore.

"This was on the back of a 60 per cent growth in its loan book, which stood at INR 7,265 crore as at September 30, 2018," the statement said.

Altico, backed by its three shareholders in Fiera Capital, and Varde Partners, remains as one of the largest foreign owned and controlled NBFCs in terms of net worth, having more than double the capital required by NBFCs as per the RBI norms.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 05 2018. 20:35 IST