Urmila Constructions raises USD 25 mn from UK fund

Realty firm Urmila Constructions and Developers Ltd has raised USD 25 million from UK-based investment firm Linetrust International Offshore to develop projects in and around Jharkhand.
"Urmila Constructions and Developers Pvt Ltd has entered into a long-term financial association with Linetrust International Offshore Ltd of the UK to avail USD 25 million as long term asset backed debt for developing its residential and commercial projects in an around Jharkhand," ATD Finance said in a statement.
ATD Financial Services Pvt Ltd is the representative of Linetrust in India.
ATD's Director Manoranjan Mohanty said the fund will be used to develop budget-housing projects in Bokaro.

Linetrust International wants to set up its footprint in the real estate corridor with low cost debt.
Manoj Todi, shareholder and spokesperson for Linetrust, said: "It's our endeavour to provide cheaper sources of funds for real estate and infrastructure projects which can translate into economic growth. Our singular objective is to help growth.