The World Bank's private financing arm IFC said on Tuesday it will invest $25 million (about Rs.160 crore) in partnership with Tata Housing to finance affordable housing for low-income households across India.
"IFC's investment is the first step towards a long-term partnership to facilitate the development of affordable housing in India and other emerging markets," Vipul Prakash, IFC's director for Global Corporate Coverage, said in a statement here.
"Tata Value Homes will help lower and middle-income households and young professionals in urban and semi-urban areas access quality, affordable housing," he added.
The partnership will provide Tata Value Homes long-term capital to develop about 16,800 homes over the next 10 years, the statement said.
Tata Housing managing director Brotin Banerjee said the partnership will help the company become India's largest home provider in the value and affordable housing segment by 2018-19.