IIFL invests in Wadhwa Group's Navi Mumbai township project.

India Infoline Ltd's (IIFL) non-banking financial company, India Infoline Finance Ltd., and some of its wealthy clients have together invested Rs. 150 crore in a 500-acre Navi Mumbai township project of property developer Wadhwa Group.

IIFL has bought non-convertible debentures (NCD) sold by Wadhwa Group for the project, three years after the developer signed an agreement with Gulf Finance House for developing the land owned by the Bahrain-based investment bank.

NCDs have become popular among real estate developers since 2009, since banks tightened lending to developers.

Srinivasan Gopalan, chief financial officer and chief operating officer, Wadhwa Group, said the company has completed acquiring land for the project and will now begin work on infrastructure such as roads and sewage.

LIVEMINT