New Delhi, Jan 22 (PTI) Realty firm TVS Emerald has raised Rs 425 crore in equity funding from the International Finance Corporation (IFC) to fund its new housing projects.
TVS Emerald is part of the TVS Group.
In a statement on Thursday, the company said the investment will be used to develop two upcoming residential projects, which would be launched next fiscal in Chennai and Bengaluru as well as future projects.
The company would invest Rs 136 crore in Chennai project and Rs 103 crore in Bangaluru housing project. The rest will be earmarked for additional residential projects to be launched over the next two years.
The two upcoming projects in Chennai and Bengaluru would have a combined revenue potential of Rs 4,400 crore.
TVS Emerald is engaged in the development of residential projects and self-sustaining communities, with a presence in Chennai and Bengaluru.
The company has delivered over 6 million sq ft. of residential developments and has more than 9 million sq ft currently under development. PTI MJH MJH MR
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