L&T Finance funds TDI Infracorp’s Panipat township project with Rs 100 crore

By Accommodation Times News Services

Crores of highway funds are embroiled in disputes says GadkariL&T Finance has funded Rs 100 crore to Realty firm TDI Infracorp Ltd for its ongoing township project Panipat. TDI Infracorp had last month gave an exit to Kotak Realty Fund from its housing project in Sonepat by repaying a debt of Rs 110 crore. The company is building five townships, spread over an area of 2,480 acres, at Kundli, Panipat, Mohali, and Moradabad.

“We have entered into financial partnership with leading NBFC player L&T Finance,” TDI Infracorp Mananging Director Kamal Taneja. We have raised an investment of Rs 100 crore from L&T Finance to fund a part of its ongoing township project at Panipat.”

“Sensing the inherent strengths of the group and strength of future cash flow and healthy project pipeline, L&T Finance has decided to invest in its ongoing projects. We are hoping the deal will be beneficial for both the partners,” said G K Mishra, GM L&T Finance.

In 2013, Kotak Realty had invested Rs 110 crore in TDI Infracorps Lake Grove project at Kundli in Sonepat. This project is part of TDI Groups 1,250 acre township project.

“We have given exit to our investor Kotak Realty by making full payment of principal of Rs 110 crore and interest amount,” Taneja had said.

TDI had repaid about Rs 165 crore to Kotak Realty Fund through its internal accruals.

Private equity (PE) investments in the real estate sector rose by 72 per cent to Rs 25,683 crore last year, the highest since 2008, mainly on fund infusion in the sluggish housing segment, according to property consultant Cushman & Wakefield.

Out of the total PE investment in the realty sector during 2015, over Rs 18,000 crore was in residential segment, which is facing a huge slowdown since last 2-3 years, resulting in liquidity crunch and significant delays in projects execution.

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