Real estate company Omaxe said on April 26 that it had raised Rs 440 crore from Värde Partners to accelerate the construction of its existing projects as well as expand its business. Omaxe Group is developing integrated townships in New Chandigarh, Lucknow, Ludhiana, Indore and Faridabad. It is also developing a multi-level car park project with a PPP model with the North Delhi Municipal Corporation in Chandni Chowk, Delhi.
The company will deploy the funds to accelerate the construction and delivery of its projects as well as for expansion, according to a regulatory filing.
Atul Banshal, Chief Financial Officer, Omaxe Ltd, said, “We will double down on our investments in the cities that are driving our growth to develop new-era, world-class residential, commercial and retail destinations. We are not just doing this one transaction with Värde but seeking to create a long-term partnership between the projects.” Over the past two fiscal years, Omaxe has repaid Rs 550 crore to lenders as principal payment and reduced its debt by Rs 1,400 crore to Rs 850 crore, he added.
Omaxe sold properties worth Rs 1,155 crore in the first nine months of the 2021-22 financial year. “We welcome the opportunity to establish this partnership with Omaxe and help support the development and growth of the company’s extensive real estate portfolio,” said Tim Mooney, Partner and Global Head of Real Estate at Värde Partners. .
“This agreement reflects our continued confidence in what we see as a significant and growing opportunity in the Indian property market and our continued commitment to investing in India,” he said. Omaxe delivered an area of 127.89 million square feet in the area of real estate and construction.
The company has a presence in 27 cities across eight states/UTs namely Uttar Pradesh, Madhya Pradesh, Punjab, Haryana, Uttarakhand, Rajasthan, Delhi, Himachal Pradesh, and has a portfolio of diversified products including high-tech townships, integrated townships, collective housing, shopping malls, office space, SCO and hotel. It is currently undertaking 21 real estate projects: three collective housing, 12 townships and six commercial projects.
First post: STI