World Bank Group member IFC today said it will invest USD 25 million (around 160 crore) to finance affordable projects by Tata Housing.
IFC has entered into a partnership with Tata Value Homes, a 100 per cent subsidiary of Tata Housing, to finance affordable housing projects for low-income households across the country, the company said in a statement here.
The partnership will provide Tata Value Homes long-term capital to develop about 16,800 homes over the next 10 years, it added.
“IFC’s investment is the first step towards a longer term partnership to facilitate the development of affordable housing in India and other emerging markets,” IFC’s Director Global Corporate Coverage Vipul Prakash said.
Tata Housing’s Managing Director Brotin Banerjee said that the partnership will help the company become India’s largest home provider in the value and affordable housing segment by 2018-19.
He added that Tata Value Homes has delivered over 5,000 apartments in the price range of Rs 5 lakh to Rs 30 lakh across various townships in the last few years.