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Altico Capital exits Phoenix Group's IT special economic zone project in India

Altico Capital India Ltd. completely exited its investment in an IT special economic zone project of Phoenix Group.

Altico received a full prepayment of a 2.50 billion-Indian-rupee loan from the realty developer, which is an existing development partner of the Mumbai-headquartered non-banking financial company.

In June 2018, Altico sanctioned the facility for the land purchase and development of a project forming an extension of the existing 5 million-square-foot Vance Business Hub in the commercial district of Hyderabad.

Altico is backed by Clearwater Capital Partners LLC, Abu Dhabi Investment Council and Värde Partners Inc.

As of Aug. 19, US$1 was equivalent to 71.53 Indian rupees.