Rashmi Group gets funding from Essel Finance

rashmi group

Mumbai-based private real estate company, Rashmi Group has confirmed that Essel Finance has invested in two of their Signature projects located at Mira Road and Pink City project located at Naigaon in North Mumbai. Rashmi Group has delivered 14,000 apartments and currently has over 1.5 million sq ft under construction. Property consultant JLL was the adviser for this transaction.

“The investment has been done in the form of structured debt from our ASSET-1 Fund. First tranche of Rs 40 crore has already been invested and the work on another outlay of Rs 35 crore with the group is in progress, “said Abhinav Bhushan, CEO – private equity, Essel Finance.

The strategy of the fund is to focus on the mid and affordable residential segment and this investment is in line with it. The fund is also pursuing similar investments in this segment in Bangalore, Pune, Mumbai, Chennai and Delhi-NCR markets.

Essel Finance has made two investments in Pune earlier this year, one in Maple Group’s affordable segment residential projects and another in Pinnacle Group’s mid-segment project.