Private Equity

PE-RE Fund Investments

SBICAP Ventures to infuse Rs.650-Cr in six stuck projects of Amrapali in NCR

Economic Times  

SBICAP Ventures Ltd, which is managing the government's INR 25,000 crore special window fund to revive stalled housing projects has signed an memorandum of understanding (MoU) with Court Receiver for infusing INR 650 crore in six projects of erstwhile Amrapali Group at Noida and Greater Noida. The MoU has come days after NBCC invited bids to sell the embattled realtor Amrapali Group's 5,192 housing units in Noida and Greater Noida, valued at INR 2,182.57 crore. The projects that will receive funding include Silicon City-1, Silicon City-2, Crystal Homes, Centurian Park- Low Rise, O2 Valley & Tropical Garden where flats of 6947 home buyers are stuck. NBCC is looking to raise the balance amount through sale of unsold units, additional FAR and balance receivables from the existing customers.