Jain Housing gets Rs 175 crore foreign funding

Chennai, Jan 3 (Agency) The Chennai-based real estate major Jain Housing has received funding from two International financial institutions — Nippon Life Asset Management Limited of Japan and Apollo Global Management of United States for about Rs 175 crores. The funds will be utilized to reduce the existing debts, said Sreyansh Mehta, Joint Managing Director, Jain Housing, who was in the forefront on this entire deal in a press release today.

Jain Housing has been in the business of constructing residential apartments and complexes for over 33 years. The brand is well known for its quality and timely delivery. It has created a niche in this highly competitive market and has a loyal set of customers who have ensured the success of Jain Housing. In the last three decades, Jain Housing has delivered 185 projects in all southern States. Currently, it has 20 projects under construction at Chennai, Coimbatore, Tirupur, Bengaluru, Hyderabad and Cochin. The estimate value of these projects would be about Rs 4,000 crores.

We are happy that even in such difficult times, the international institutions have shown trust and faith in us. Even in the past, the company has managed to obtain about Rs 5,150 crores from various national and international financial institutions namely GIC sovereign wealth fund – Singapore, Xander finance and so on, he added.