20-April-2024
Corporate News
 
Amrapali to get up to Rs 1,000 crore fund infusion
11-Jul-2020

The Supreme Court on Friday asked that the Enforcement Directorate (ED)?take over all cases lodged by homebuyers in Delhi and surrounding areas against the now-defunct Amrapali group. Meanwhile, SBI Capital (SBICAP) Ventures, which manages the government-sponsored Special Window for Affordable and Mid-Income Housing or SWAMIH Investment Fund I has agreed to fund the completion of eight projects of the defunct Amrapali group. On Friday, appearing for the company, senior advocate Harish Salve told the Supreme Court in a videoconferencing proceeding that SBICAP has agreed to infuse close to Rs 1,000 crore as debt in eight Amrapali Group projects from the Rs 25,000 crore fund for stressed real estate projects set up by the government. This will help the state-run NBCC, which was ordered by the Supreme Court to complete the stalled projects get on with its work, benefitting hundreds of homebuyers.

News Source:- https://www.hindustantimes.com/business-news/amrapali-to-get-up-to-rs-1-000-crore-fund-infusion/story-GJto6nW8oytsgnbeq8gvjL.html