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International Finance Corporation (IFC) and its affiliate IFC Emerging Asia Fund partnered with Bengaluru based Puravankara to invest around Rs 550 crores in the development of several residential projects under their ‘Provident’ band which is focused on affordable housing. IFC is now partially exiting a 1.4 million plotted development scheme in Bengaluru at an alleged IRR of 20%. IFC had invested approximately Rs 150 crores into this project over the span of two years. Having already invested about Rs 320 crores rupees raised from IFC, Puravankara hopes to raise further capital from IFC in the future, owing to the positive experience both parties have had so far.
International Finance Corporation (IFC) and its affiliate IFC Emerging Asia Fund partnered with Bengaluru based Puravankara to invest around Rs 550 crores in the development of several residential projects under their ‘Provident’ band which is focused on affordable housing. IFC is now partially exiting a 1.4 million plotted development scheme in Bengaluru at an alleged IRR of 20%. IFC had invested approximately Rs 150 crores into this project over the span of two years.
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In his interactions with the press, CEO of Puravanka Abhishek Kapoor said the company was still looking for viable opportunities to invest the remaining 200 odd crore rupees raised from IFC. Having already invested about Rs 320 crores rupees raised from IFC, Puravankara hopes to raise further capital from IFC in the future, owing to the positive experience both parties have had so far.
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