CHENNAI: City-based realty firm TVS Emerald has raised Rs 425 crore in equity funding from the International Finance Corporation (IFC) to fund its new housing projects.
The TVS Group company on Thursday said the investment will be used to develop two u pcoming residential proje cts, which would be launched next fiscal in Chennai and Bengaluru as well as future projects.
The company would invest Rs 136 crore in Chennai proje ct and Rs 103 crore in Bengaluru housing project. The rest will be earmarked for a dditional residential projects to be launched over the next two years.
The two upcoming projects in Chennai and Bengaluru would have a combined revenue potential of Rs 4,400 crore, a release said.
TVS Emerald is engaged in the development of residenti al projects and self- sustaining communities, with a presence in Chennai and Bengaluru.
The company has delivered over 6 million sq ft. of resid ential developments and has more than 9 million sq ft currently under development.
Over the last five years, TVS E merald has scaled its operations significantly, growing its residential devel opment footprint five times and strengthening execution capabilities acros s markets of Chennai and Bangalore, it added.