Tata Housing subsidiary raises $50 million from IFC

Tata Housing subsidiary raises $50 million from IFC Mumbai: Tata Housing Development Company on Wednesday said its wholly-owned subsidiary Smart Value Homes has raised USD 50 million from International Finance Corporation (IFC) for funding its affordable housing projects.

"The funds would be utilised as a development aid to build affordable housing near industrial clusters in the 10 largest metros in India," the realty firm said in a release here.

IFC's investment would provide long tenor financing, which is not readily available on reasonable terms, to the affordable housing sector in particular, the release said.

IFC is the private sector investment arm of the World Bank Group.

PTI