ASK Property Fund's Strategic Investment: Boost to Mantra Group's Housing Projects

ASK Property Fund has invested Rs 340 crore in Mantra Group's three housing projects. This strategic move will aid in acquiring two projects via NCLT and support a current project. The funds will clear financial dues and meet working capital needs.

ASK Property Fund, the real estate division of Blackstone-backed ASK Asset & Wealth Management Group, has announced a significant investment of Rs 340 crore in three housing projects led by the Mantra Group.

The strategic investment will facilitate the acquisition of two projects through the National Company Law Tribunal (NCLT) route and bolster an ongoing residential initiative.

A portion of these funds is earmarked for settling financial creditors' outstanding dues, while the remainder will address the projects' needs for working capital.

(With inputs from agencies.)