The proposed project envisages a debt investment in PNB Housing Finance Limited. (“PNB HFL” or the “Company”) which is the 5th largest HFC (by loan assets) and 2nd largest HFC (by deposits) in India with asset under management (AUM) of ~US$9 billion as of December 2017. The investment proceeds from the proposed project by IFC is meant to be used to finance retail buyers/developers of affordable housing and developers of green buildings.
Support to the affordable housing market: India does not yet have a vibrant affordable housing market. While the demand is huge, availability of financing and supply of stock is relatively very low. The problem could severely hamper the realization of the GOI's goal of "Housing for All" by 2022. In this respect, this initiative is part of IFC's holistic approach to support both buyers of affordable housing as well as developers of such housing units as defined under the PMAY scheme.
Reducing carbon emissions: The proposed investment is expected to generate environmental and economic benefits through the development of energy efficient housing construction projects and would help establish a market and an ecosystem for green housing construction in India.
PNB HFL, a registered HFC with NHB, is a listed entity currently, with PNB holding 32.96% stake in the Company, 37.3% held by Quality Investment Holdings (QIH) and rest by public shareholders.
PNB Housing Finance Limited
Mr. Sanjaya Gupta
ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/