Live
- Accused Sentenced to Life Imprisonment with Rigorous Punishment and Fined Rs. 25,000 for Murder
- ANR Centenary Celebrations Spread Across 31 Cities, Chiranjeevi to Receive ANR Award from Amitabh Bachchan
- Rahul Gandhi opposes quota abroad & violates Constitution: BJP MP
- Encounter breaks out in J&K’s Reasi
- RG Kar case: CBI custody of Sandip Ghosh, Abhijit Mondal extended till Sep 25
- J&K: Home Voting begins in all six Kathua Assembly segments
- Gurugram: Biker killed after being hit by SUV
- Bengal doctor’s body bars ex-member from all organisation activities over RG Kar case
- Centre and Seers serious over Tirumala Sacrilege
- LG ELECTRONICS ORGANIZES GRAND TECH SEMINAR IN HYDERABAD
ArthVeda FM plans to raise $250 mn from Qatar Holding
City-based asset management firm ArthVeda Fund Management (AVFM) today said it plans to raise USD 250 million from Qatar Holding that will invest in affordable housing projects.
Mumbai: City-based asset management firm ArthVeda Fund Management (AVFM) today said it plans to raise USD 250 million from Qatar Holding that will invest in affordable housing projects. Qatar Holding has committed to invest USD 250 million in ArthVeda Fund Management's affordable low and middle income (LMI) fund, which projects an IRR in excess of 18–21 per cent, the company said in a statement issued here. "The subscription of the entire corpus of its FDI-compliant Affordable Housing Fund by Qatar Holding, was the first substantial foreign inward investment into India's affordable housing segment spanning low and middle income residences, immediately after the Union Budget," ArthVeda Chief Executive Bikram Sen said.
Investments into the AVFM were raised in collaboration with the Dubai-based CI Holding Global, founded and run by OmarFarooqui, the release said. Sen further said the low and middle income residential real estate in the country offers a significant opportunity to grow investments and ArthVeda continue to build on this success by conceiving more of such vehicles. According to ArthVeda, India needs to build 19 million urban housing units in the low and mid-income category by 2022 across Tier 1, 2 and 3 cities which requires a capital of USD 1 trillion. AVFM is part of Wadhawan Global Capital, a financial services conglomerate, with Dewan Housing Finance Corp (DHFL) as the flagship entity.
"AVFM's first offshore Affordable Housing Fund leverages our entire group's leadership in the LMI lending segment and applies that to investments in affordable housing," DHFL and ArthVeda Chairman and Managing Director Kapil Wadhawan said. AVFM's domestic USD 17 million Dream Fund, which exited in 2015 gave a gross IRR of 17 per cent, while a mid-income USD 22 million domestic Star Fund I, which is due to achieve exits from all its investments in the next couple of months, will give equally high returns. A domestic low-income housing fund, Asha, is currently in deployment phase, the release said.
