IFC, IFC Emerging Asia Fund to invest US$76 million alongside Puravankara Group to Boost High-quality Affordable Housing in India
Posted By educratsweb.com ❄ Education 🗓 Friday December 18 2020 👁 352IFC, IFC Emerging Asia Fund to invest US$76 million alongside Puravankara Group to Boost High-quality Affordable Housing in India
Mumbai, India, 17 December, 2020—IFC, a member of the World Bank Group, and IFC Emerging Asia Fund (EAF) have partneredwith the Puravankara Group—a leading real estate conglomerate in the country—to invest in the development ofup to four residential projects under the ‘Provident’ brand that is focused on affordable housing.Two of these four projects are planned in Kochi and Bengaluru with a saleable area of 4.5 million sf/ft. About 4,000 housing units will be built in the next fivetoseven years, with other projects to be identified by 2021.
Thousands of homebuyers in India will have improved access to high-quality affordable housing in planned and green urban spaces, as a result of this partnership. Apart from creating jobs, boosting the housing sector will stimulate the country’s manufacturing and services industries, spurring expansion in the capital markets and improving the quality of life for homeowners and their families.
IFC and EAF’s partnership with Provident will allow for quick scaling-up of the company’s vision to provide access to high-quality affordable housing across India, especially among first-time homebuyers. It will help address the acute urban housing shortage in the country, with Indian cities needing to accommodate up to an estimated 18 million new urban dwellers per year.
Ashish Puravankara, Managing Director of Puravankara Group, said, “We are excited to partner with IFC and see a synergy in our values. This strategic partnership aims to address the growing demand for housingin India by providing customers with affordable quality homes. IFC’s investment supplements Provident’s own investments in both existing and new developments. Provident’s use of pre-cast technology will see an acceleration in both time and superior quality homes. We hope this is the beginning of a long-term relationship with IFC.”
IFC, together with EAF will invest up to INR 556 crore (approximately $76 million) in special purpose vehicles set up by Puravankara Group. This will comprise of an investment of INR 240 crore (approximately $33 million) by IFC and an equal amount by EAF, along with a loan of INR 76 crore (approximately $10 million) from IFC. The Kochi project will be designed as per IFC’s green building certification system, EDGE (Excellence in Design for Greater Efficiencies).
“In a post COVID world, the housing sector can play a key role in India. Financing affordable and green housing can protect jobs, preserve livelihoods, and address climate change while restarting economies,”said Jun Zhang, Country Head-India at IFC. “We are happy to support a quality-driven company,and remain committed to helpingbuilda more inclusive, sustainable, and resilient future for the country.”
About Puravankara Limited
Puravankara Limited is a leading real estate conglomerate, with pan India presence. In the last four decades (45 years), the company has established two distinct and successful brands. The flagship brand Puravankara caters to the premium end of the spectrum, while Provident Housing Ltd. is positioned in the premium affordable segment. The company has 40 million square feet of projects, which are completed and delivered; around 20 million square feet of projects are under development. Currently, the total land assets of the company are around 65 million square feet.www.puravankara.com
About Provident Housing Limited
Provident Housing Ltd. is a wholly owned subsidiary of the Puravankara group. It was established in 2008, in response to the growing demand for mid-segment housing. Provident has launched over 20 million square feet across the cities of Bengaluru, Mangalore, Chennai, Coimbatore, Hyderabad and Goa of which close to 10 million square feet has been completed and delivered. Additionally, close to 8 million square feet is planned for new launches in the coming quarters. www.providenthousing.com
AboutIFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.
About IFC Asset Management Company
IFC Asset Management Company (AMC), a division of IFC, mobilizes and manages capital to investin businesses in developing and frontier markets. Created in 2009, AMC provides leading institutionalinvestors with unique access to IFC’s emerging markets investment pipeline and investmentexpertise, while providing positive development impact in the countries in which it invests. Investors inAMC managed funds include sovereign wealth funds, pension funds, and development-financeinstitutions. It has raised over $10 billion across 13 investment funds covering equity, debt, and fundof-funds products. For more information, visit www.ifcamc.org
About the IFC Emerging Asia Fund
The $693 million IFC Emerging Asia Fund, launched in 2016, makes equity and equity-likeinvestments across all sectors in emerging markets in Asia.
Posted by: educratsweb.com
Haryana Public Service Commission (HPSC) having headquarter at Panchkula (Haryana) invites online applications on prescribed format from eligible candidates for the recruitment of following latest Sarkari Naukri Vacancy of Dental Surgeon Grade-II for Government of Haryana. (Advt. No. 02/2021). Haryana PSC Dental Surgeon Recruitment 2021 Haryana PSC Dental Surgeon Recruitment 2021 Vacancies Dental Surgeon Grade-II : 81 vacancies ( ...
Haryana Public Service Commission (HPSC) having headquarter at Panchkula (Haryana) invites online applications on prescribed format from eligible candidates for the recruitment of following 156 various Executive Administrative Officers Sarkari Naukri Vacancy through Haryana Civil Service (HCS) Executive Branch and Allied Services Recruitment Examination 2020-2021 for various Government Departments of Government of Haryana. (Advt. No. 03/2021). Haryana PSC HCS Executive Allied Services Recrui ...
FCI Recruitment 2021 invites online application for the following 89 Category-I Government Job Vacancy Posts of Assistant General Manager (General Administration/ Technical/ Accounts/ Law) and Medical Officer in its offices spread all over the country in Food Corporation of India (FCI) Depots and Offices spread all over India (Advertisement No.01/2021-FCI Category I). The Food Corporation of India (FCI), under the Ministry of Consumer Affairs, Food and Public Distribution are one of ...
National Institute of Technology (NIT), Agartala (Tripura), an Institute of National importance, invites online applications from Indian Nationals for the following Faculty Sarkari Naukri Vacancy posts of Assistant Professors (Grade-I/II) in NIT Agartala (Tripura) in various academic departments/ disciplines. (Advt. No. F.NITA.2(521-Estt)/2021/3089) NIT Agartala Assistant Professor Faculty 2021 Vacancies Assistant Professor (Grade-I/II): 58 v ...
Uttar Pradesh Police Recruitment and Promotion Board (UPPRPB) invites Online applications in the prescribed format for the Recruitment 2021 of following 9534 Sub-Inspector (SI) level Sarkari Naukri vacancy posts of Sub-Inspector (SI) in UP Civil Police, Platoon Commander in Provincial Armed Police (PAC) - male only and Fire Officer Grade-II - male only under Uttar Pradesh (UP) Police. (Advertisement No.PRPB-2(3)/2020) UP Police Sub-Inspector Recruitment 2021 Vacancies ...
The Bihar Public Service Commission (BPSC) as invited applications from eligible Indian candidates for the post of Child Development Project Officer (CDPO) under Social Welfare Department, Govt of Bihar. The BPSC has released this recruitment drive for a total of 55 CDPO vacancies. As per the notification released by the BPSC, the online application process for Bihar CDPO vacancies will commence from March 5, 2021. The last date to apply for BPSC CDPO Recruitment 2021 is April 01, 2021. The candidates wh ...
Online Applications in the prescribed format are invited for Common Recruitment 2021 for Sarkari Naukri appointment of the following 1075 Government Job vacancy posts as Assistant Engineer, Accounts Officer, Personnel Officer, Junior Engineer-I, Junior Chemist and Informatics Assistant in following Power Sector Companies Rajasthan Government: Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPNL)/ Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL) / Jaipur Vidyut Vitran Nigam Limited (JVVNL) ...
Application on prescribed format is invited by Indian Institute of Technology (IIT), Roorkee (Uttarakhand) from Indian citizens for the following Teaching Faculty Sarkari Naukri vacancy positions of Professor, Associate Professors and Assistant Professors in Indian Institute of Technology (IIT), Roorkee in various Departments / Schools for the recruitment of the year 2021. (Advertisement No. IITR/Establishment/2021/01). Professor in Academic Pay Level-14A of 7th CPC ₹1 ...
Online applications in the prescribed format are invited from the eligible candidates for the recruitment of Sarkari Naukri vacancy posts of Office Attendants in various offices of Reserve Bank of India (RBI) from Indian citizens for the year 2020. Office Attendant: 841 vacancies (UR-454, EWS-76, OBC-211, SC-25, ST-75) (PWD-34) (Ex. SM-206) in different Offices of RBI throughout India, Pay Scale: ₹10940–23700, Age: 18-25 years as of 01/02/2021 ...
Maharatna NTPC Limited, India's largest power conglomerate, is looking for promising, energetic experienced 200 Engineers with a brilliant academic record to join the NTPC Limited in various Engineering disciplines for Shift Operation of Thermal Power Plants and 30 Assistant Chemists for NTPC Stations/Projects (Advertisement No. 01/2021) NTPC Experienced Engineer and Chemist Recruitment 2021 vacancies Engineers: 200 vacancies (Electrical/Mechanic ...
Welcome to my shop at Modicare! We are India’s Leading Direct Selling Company driven by a passion to empower the dreamer within. We offer world class products at value prices that you can shop with a peace of mind and a 100% satisfaction guarantee. Shop Now What are you looking for? From home care to self care, choose from a wide range of products. ...
IIM Udaipur Completes Summer Placements; Highest Stipend Increases by 20% A Record 322 students secured summer placements, 60 recruiters participated for the first time Editor’s Synopsis: · IIM Udaipur completed the Summer Placement process for the Batch of 2020-22. · 322 eligible students so ...
IGNOU today invited online applications for its management programme for January 2021. The admission will be based on the score of the entrance test (OPENMAT-XLIX ). The entrance test will be conducted by the IGNOU at the examination centres across the country. Interested candidates can apply for the entrance test through the following link — sedservices.ignou.ac.in/entranceopenmat/ IGNOU through its School of Management Studies offers Master of Business Administration (MBA) and vari ...
AirAsia India to operate from Terminal 1 at Chhatrapati Shivaji Maharaj International Airport, Mumbai Mumbai, 4th March 2021: AirAsia India will operate from Terminal 1 at Chhatrapati Shivaji Maharaj International Airport, Mumbai, instead of Terminal 2 from 10th March 2021 onwards. Mumbai is our 4th hub in India after Bengaluru, New Delhi & Kolkata. We currently operate to destinations such as Ahmedabad, Bhubaneswar, B ...
Simplilearn and IIT Kanpur Launch Online Certificate Program in Blockchain Technology National, March 04, 2021: Simplilearn- a global digital skills training provider, announced its partnership with IIT Kanpur to offer an exclusive Professional Certificate Program in Blockchain Technology. This in-depth program will provide learners with a comprehensive co-created curricul ...
Human Resource training and strengthening the health infrastructure through quality are key aspects– IIHMR UniversityHuman Resource training and strengthening the health infrastructure through quality are key aspects– IIHMR University ...
Narayan SevaSansthan receives Rotary Foundation support for empowering the specially abledNarayan SevaSansthan receives Rotary Foundation support for empowering the specially abled · Rotary foundation collaborates with Narayan SevaSansthan for setti ...
Scaler earmarks INR 1 crore to empower and upskill women in tech The initiative is part of the launch of the technical upskilling startup’s new diversity program, Scaler Include, which aims to improve the skewed gender ratio in the country’s tech workforce · Funds to be used for 1000 merit-based scholarships for Scaler Academy program · &nb ...
Financial assistance for cancer patients in india Government Schemes Ayushman Bharat Pradhan Mantri Jan Arogya Yojna (PMJAY) Provides financial support for medical treatments, to around 50 crore Indian citizens from underprivileged families. Under this scheme, you can avail of a benefit cov ...
IIM Udaipur invites applications for the 2021-22 intake of its PG Diploma in Business Administration for Working ExecutivesIIM Udaipur invites applications for the 2021-22 intake of its PG Diploma in Business Administration for Working Executives ...
For Advertisment or any query email us at educratsweb@gmail.com
Save this page as PDF | Recommend to your Friends
Bihar Government Calendar 2021
HANUMAN CHALISA
