According to IFC, the proposed project is an invedstment of INR 2,250 million (equivalent of approximately US$27.4 million) in mid-income and senior living residential projects developed by Ashiana Housing Limited (“Ashiana” or the “Company”) in India.
Projects are expected to be located across various cities in India, including Jaipur (Rajasthan), Gurugram (NCR), Pune (Maharashtra) and Chennai (Tamil Nadu).
Total project cost is estimated to be about US$343 million and IFC’s investment will be in the form of INR denominated Non Convertible Debentures.
The Company is currently managed by Mr. Om Prakash Gupta’s sons, Vishal Gupta, Ankur Gupta and Varun Gupta (“Sponsors”) who collectively own 61%.
Incorporated in 1986 in Kolkata, Ashiana Housing Limited (“AHL” or “the company”) (https://www.ashianahousing.com/) has over 30 years track record with its primary business affordable residential housing development targeting the middle-income segment. It also has a smaller senior living business and a 101-room hotelBhiwadi (Rajasthan). AHL carries out the construction in-house and also manages the maintenance of its properties after handover to customers through its 100% owned subsidiary, Ashiana Maintenance Services (AMS)liability limited partnership.
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