Sanjay Lalbhai, President of Arvind SmartSpaces, said, “This injection of long-term patient capital into the business will give us the flexibility to pursue strategic growth in all segments in which we operate. The improved equity base and low leverage give the company significant leverage to raise additional capital to pursue value-creating opportunities. “
Vipul Roongta, MD and CEO of HDFC Capital Advisors said, “This investment meets our goal of providing long-term capital, equity and mezzanine capital to leading developers for the development of affordable and middle-income housing in India. We believe that consolidation in the residential sector is a given and that developers with a strong brand presence need to capture a disproportionate share of the market. “
Metta Capital acted as ASL’s exclusive financial advisor for this transaction. Wadia Ghandy acted as legal advisor to ASL for this transaction and AZB acted as legal advisor to HDFC Capital Advisors.