Creador invests Rs100 crores (US$16.2m) into India's Ashiana Housing Ltd
Summary
KUALA LUMPUR (Feb 10): Private equity firm Creador II LLC, via its affiliate Idria Ltd, has invested Rs 100 crores (US$ 16.2 million) for a minority stake in Indias public-listed Ashiana Housing Ltd (Ashiana), which marks it as the 14th investment for Creador. Ashiana is a leading developer in the mid-income housing segment in North India, with a reputation for offering premium quality housing options in upcoming industrial towns, said Creador in a news release today.Incorporated in 1986, Creador said Ashiana has successfully established its presence in Rajasthan, Delhi NCR and Jharkhand, and that Ashiana has delivered over 10.7 million square feet of residential and commercial space, providing homes to over 8500 families.Ashiana has demonstrated a strong track record over the last decade, led by the team of Vishal, Ankur and Varun Gupta, said Creador. "Creador is delighted to have this opportunity to partner with Vishal, Ankur and Varun in shaping Ashianas next phase of growth. All three of them are passionate entrepreneurs who have developed Ashiana into a leading brand in the mid-income housing space delivering high quality homes," said Creador founder and chief executive officer Brahmal Vasudevan. Ashiana has 13 ongoing projects in India with a saleable area of 6.4 million sq ft, scheduled for delivery in the next 2-3 years, and plans to develop another 15 projects with saleable area of 8.4 million sq ft by 2020, the statement further noted.