Shapoorji in talks with investors to raise $250 mn for housing platform

Shapoorji has launched housing projects at Virar near Mumbai, Howrah near Kolkata and Hinjewadi in Pune

Shapoorji Pallonji Group is in talks with investors to raise $250 million (Rs 17.5 billion) for its second affordable housing platform, say sources.

The investors in question include, they add, the International Financial Corporation (IFC), Asian Development Bank (ADB) and Britain-based private equity fund Actis. IFC and ADB were two of three outside partners in the first such platform, too; the third was Standard Chartered, whose realty portfolio in Asia has since been bought by Actis.

The second platform, like the first one, is apparently aiming to develop about 16 million sq ft of affordable housing projects. The first one