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Carlyle to invest $26 mn in Indian low-cost homebuilder

Carlyle to invest $26 mn in Indian low-cost homebuilder
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First Published: Thu, Aug 25 2011. 08 06 PM IST
Updated: Thu, Aug 25 2011. 08 06 PM IST
New Delhi: US Private equity firm Carlyle Group said on Thursday it will invest $26 million in India’s Value & Budget Housing Corp (VBHC), a builder of entry-level housing in the country.
The funds will be used to build new homes, Carlyle said in a statement. VBHC has sold more than 1,000 homes in the last year and will begin the sale of another 900 houses in September, the companies said.
Privately-held VBHC was co-founded by former Citigroup executive Jaithirth Rao, who is also a former chairman of Indian software and back-office services firm Mphasis Ltd .
India is plagued by a severe shortage of affordable housing, with many private developers focusing largely on the luxury market.
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First Published: Thu, Aug 25 2011. 08 06 PM IST
More Topics: Carlyle Group | India | VBHC | Housing | Corporate News |