Sanjay Lalbhai, chairman of Arvind SmartSpaces said, “This infusion of long term patient capital into the company will give us the flexibility to pursue strategic growth across all the segments that we operate in. The enhanced equity base and low leverage gives the company significant headroom to raise further capital to pursue value accretive opportunities.”
Vipul Roongta, MD and CEO of HDFC Capital Advisors said, “This investment meets our objective to provide long-term, equity and mezzanine capital to marquee developers for the development of affordable and mid-income housing in India. We believe that consolidation in the residential sector is a given and that developers with strong brand presence shall capture a disproportionate share of the market.”
Metta Capital acted as the exclusive financial advisor to ASL for this transaction. Wadia Ghandy acted as the legal counsel to ASL for this transaction & AZB acted as the legal counsel for HDFC Capital Advisors.