L&T Finance sells real estate loans to Phoenix ARC
ECONOMY & POLICY

L&T Finance sells real estate loans to Phoenix ARC

According to persons with knowledge of the event, L&T Finance, a division of the publicly traded L&T Finance Holdings, sold a stressed portfolio with a total loan value of 718000 million to the Kotak Mahindra Bank-backed Phoenix Asset Reconstruction Company (ARC) during an auction last week.

According to the sources, six real estate accounts from the portfolio were sold for a total of 710,750 million, representing a 60% profit for L&T Finance. A notice posted by the financing company on its website at the beginning of last month stated that the company was seeking proposals under a 15:85 structure for ten accounts totaling $3,0225 million in loans.

Phoenix ARC purchased Nirmal Lifestyle Developers with loans totaling $790 crore, Nirmal Lifestyle Malls with loans totaling 7231 crore, Brownish Realty with loans totaling 222 crore, Coast Realtors with loans totaling R113 crore, Poise Realtech with loans totaling 279 crore, and SU Toll Road with loans totaling 168 crores.

According to persons with knowledge of the event, L&T Finance, a division of the publicly traded L&T Finance Holdings, sold a stressed portfolio with a total loan value of 718000 million to the Kotak Mahindra Bank-backed Phoenix Asset Reconstruction Company (ARC) during an auction last week. According to the sources, six real estate accounts from the portfolio were sold for a total of 710,750 million, representing a 60% profit for L&T Finance. A notice posted by the financing company on its website at the beginning of last month stated that the company was seeking proposals under a 15:85 structure for ten accounts totaling $3,0225 million in loans. Phoenix ARC purchased Nirmal Lifestyle Developers with loans totaling $790 crore, Nirmal Lifestyle Malls with loans totaling 7231 crore, Brownish Realty with loans totaling 222 crore, Coast Realtors with loans totaling R113 crore, Poise Realtech with loans totaling 279 crore, and SU Toll Road with loans totaling 168 crores.

Next Story
Infrastructure Urban

World-class sports complex in Tirupati soon

A new world-class sports complex will soon be developed in Tirupati, following a meeting between Animeni Ravi Naidu, Chairman of the Sports Authority of Andhra Pradesh (SAAP), G Narasimha Yadav, TDP Parliamentary President of Tirupati, and District Collector Dr. S Venkateswar. The new sports policy, recently approved by Chief Minister Nara Chandrababu Naidu, aims to elevate the standards of sports infrastructure in the region. During the meeting, the team discussed various components of the sports policy and highlighted plans to enhance Tirupati’s sports landscape. A key focus was the propo..

Next Story
Infrastructure Urban

Centre sets up five working groups to transform city management

The Union Ministry of Housing and Urban Affairs (MoHUA) has established five working groups to recommend reforms aimed at transforming urban governance across India. The groups will focus on areas such as political and administrative reforms, redefining the role of parastatals, rural-urban continuity, and enhancing local capacity building. These working groups will examine key issues like enhancing accountability among elected officials in project execution, the direct election of mayors, and the creation of participatory budgeting processes. The groups will submit their findings within three ..

Next Story
Infrastructure Transport

US Nagar highway to be realigned for Pantnagar airport expansion

A major highway realignment project has been announced in Udham Singh Nagar to facilitate the expansion of Pantnagar International Airport. The National Highway (NH) 109 will be relocated by 7 km behind the airport to accommodate the airport’s expansion plans. Vikas Mittal, Project Director at the National Highways Authority of India (NHAI), confirmed that a detailed project report (DPR) for the realignment is being prepared and will be submitted by December 22. The realigned stretch will curve near the Anandi Mata Temple, follow the railway line, and reconnect with the main highway near Sa..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000