MUMBAI, Feb 14: International Finance Corporation (IFC), the World Bank arm catering to global investment needs, will invest in Smart Value Homes Limited.
Smart Value Homes Limited (SVH), the wholly-owned subsidiary of
Tata Housing Development Company Limited, has raised USD 50 million from International Finance Corporation (IFC), the private sector investment arm of the World Bank Group to fund development of its affordable housing projects.
The funds would be utilized as a development aid to build affordable housing near industrial clusters in the 10 largest metros in India, a release issued by the company said.
IFC is keen on developing affordable housing projects in other emerging markets, particularly in the South Asian Association for Regional Cooperation (SAARC) region.
The sites for IFC-financed projects are yet to be determined.
IFC’s investment would provide long tenor financing, which is not readily available on reasonable terms, to the affordable housing sector in particular. IFC said the project will contribute to the alleviation of the current affordable housing deficit in India.
(UNI)
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