Photo: Hemant Mishra/MintBengaluru: Altico Capital India Pvt. Ltd, a non-banking financial company (NBFC) backed by Asia-focused investor Clearwater Capital Partners LLC, has invested Rs500 crore in three residential projects of Mumbai-based Nirmal Group. Most of these projects are 85% complete and 50% sold; so, the capital will give the pace of construction a boost, which will eventually also drive sales,” Altico Capital chief executive Sanjay Grewal said over the phone. In a statement, Altico Capital said the projects being financed have a total saleable area of about 2 million sq. We believe that it will get better over the next two quarters,” Nirmal Group chairman Dharmesh Jain said.

Source: Mint September 27, 2016 18:00 UTC