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    IFC infuses Rs.324 cr in low cost housing

    International Finance Corporation (IFC)
    International Finance Corporation (IFC), an arm of the World Bank plans to infuse Rs.324 crore into non-banking financial company Altico Capital India engaged in building affordable housing projects. The proceeds will be used to finance residential housing development projects which meet the criteria of affordable housing under the Indian government's Pradhan Mantri Awas Yojana – Housing for All (Urban) scheme aimed at ensuring housing for all by 2022, said official sources, elaborating that IFC's latest proposal follows a similar agreement earlier to invest around $75 million (around Rs.485 crore) through financing in L&T Housing Finance Ltd, a subsidiary of L&T Finance Holdings Ltd. The proceeds will be used to finance developers of affordable housing under PMAY. Mumbai-headquartered Altico Capital has been among the most prominent debt investors in real estate sector even in last December, the firm had deployed Rs.1,250 crore (nearly $195 million) across five deals in Hyderabad and Pune, they added.
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