Mumbai, May 30 (IANS) Tata Housing Development Company’s subsidiary Tata Value Homes on Monday announced raising $25 million from British development finance institution CDC to strengthen affordable housing projects in India.
“Investment from CDC will help us further our commitment towards delivering quality living spaces to low and middle income groups in the country,” said Tata Housing chief executive Brotin Banerjee in a statement.
The British government-owned CDC was founded in 1948 with the mission to build businesses across Africa and South Asia and to create jobs and make a lasting difference in the lives of people from the poorest places.
“We’ve made this investment because affordable housing in India is highly a developmental sector because it creates a high number of construction jobs per dollar invested, and will increase access to housing for India’s emerging middle class,” said Srini Nagarajan from CDC in the statement.
According to the statement, Tata Value Homes delivered 3,000 homes across various projects in the country last year.
Established in 1984, Tata Housing Development Company Public limited is a subsidiary of Tata Sons Limited.