Wadhwa Group plans to raise Rs.750 cr for luxury homes project, loan repayment.

Mumbai-based developer Wadhwa Group is close to raising Rs.750 crore for The Address, its luxury homes project in suburban Ghatkopar where apartments cost Rs.1.7-10 crore, three people familiar with the transaction said. KKR India Asset Finance Pvt. Ltd., the local arm of global investor

Kohlberg Kravis Roberts and Co. LP (KKR), will invest Rs.350 crore, while Standard Chartered Bank will lend Rs.400 crore. Some of the money would be used to repay a loan from Indiabulls Financial Services Ltd. and the rest to develop the project, one of the three people said. Indiabulls had earlier lent around Rs.330 crore for this project, out of which around Rs.290 crore is yet to be repaid.

This will be probably the first investment by KKR India Asset Finance, a real estate-focused non-banking finance company (NBFC). It makes debt transactions as well as combined debt-equity deals with property developers in India.

LIVEMINT