TVS Emerald (IFC-46589)

Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
Chennai; Bengaluru
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
TVS Emerald Ltd
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 621.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 1, 2025

Disclosed by Bank Jul 7, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed investment involves IFC investment of up to INR 4,250 million (US$50 million equivalent) in wholly owned subsidiaries of TVS Emerald Limited, including Emerald Haven Life Spaces 2 Private Limited (previously known as Radial (Phase II) IT Park Private Limited), Emerald Haven Life Spaces 3 Private Limited (previously known as Radial (Phase III) IT Park Private Limited) and Emerald Haven Properties Private Limited for part financing development of middle-income housing projects in India. The first project is located on the Pallavaram-Thoraipakkam Radial Road, Chennai and the second project is located in Sathanur, Bengaluru. Other middle-income housing projects will be located in Chennai and Bengaluru and will be jointly identified by the Company and IFC. The housing projects will be green building certified and are expected to include development of 4,000 – 5,000 housing units.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability, as it is expected to have adverse E&S risks and/ or impacts that are limited in scale, few, generally site-specific and readily addressed through mitigation measures, by adhering to good international industry practice (GIIP) procedures, guidelines, and design criteria, as described in the following sections.

Key risks and issues related to this project include: 1) company’s capacity, systems and staffing to manage E&S, health and safety (all together referred to as E&S and EHS in the remaining of the document) aspects of its constructions and operations; 2) adequate E&S assessment of the impacts of the project's designs and construction activities in accordance with legal requirements and IFC Performance Standards (PS); 3) assurance of fair, safe and healthy living and working conditions for the workers (especially during construction) and GBVH; 4) conservation of energy, water and process materials including recycling and reuse initiatives through green building design; 5) management of air emissions, wastewater treatment and solid waste during construction and during operations (TVS Emerald has obligation to manage the residential apartments for up to 1 year); 6) purchase of land parcels for the projects in accordance with IFC PS requirements; 7) life and fire safety (L&FS) design of the projects and impacts on transport infrastructure during construction on nearby communities; and 8) stakeholder engagement.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The total project cost is estimated to be about INR equivalent of ~US$621 million and IFC’s investment will be of up to INR 4,250 million (US$50 million equivalent) in the form of INR denominated Non-Convertible Debentures (NCDs).

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Incorporated in 2010, TVS Emerald Limited is in the business of residential real estate in India and is part of an Indian multinational conglomerate operating in automobiles, auto components, financial services, and real estate.

The Company is focused on the residential market in Chennai and Bengaluru and operates under the brand “TVS Emerald”. The Company has delivered projects with saleable area of over 5 million sq.ft. till date and is currently developing a portfolio of over 8.5 million sq.ft.

The investment will be used in the wholly owned subsidiaries of TVS Emerald Limited, including Emerald Haven Life Spaces 2 Private Limited (previously known as Radial (Phase II) IT Park Private Limited), Emerald Haven Life Spaces 3 Private Limited (previously known as Radial (Phase III) IT Park Private Limited) and Emerald Haven Properties Private Limited.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - TVS Emerald Limited Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

TVS Emerald Limited
Mr. P Vishal Anand
Chief Financial Officer
044-24361261
esg@tvsemerald.com
TVS Emerald Corporate Office, 4th Floor, Ispahani Centre, Nungambakkam High Rd, Chennai 600 034
www.tvsemerald.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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

How it works

How it works