Clearwater Partners with PHL Finance in INR3 Billion Land Deal (Asia)

Source: Livemint  |  Author: Madhurima Nandy

Clearwater Capital, an investment firm focused on credit and special situations in Asia, and the Piramal Group’s non-banking financial company PHL Finance have jointly invested INR3 billion (approximately US$50 million) in VGN Developers, an India-based real estate developer. VGN used the financing, which was reportedly structured through non-convertible debentures, to acquire a land parcel in Chennai’s Guindy area.