Puravankara was founded in 1975 by Ravi Puravankara (who is the Chairman) and is currently led by his son Ashish Puravankara as Managing Director, both of whom are a part of the sponsor family. With a track record of over 45 years, as of Sep 30, 2020, the Group has completed 71 projects since inception and delivered 40.9 million square feet across both brands with over 100,000 customers and is a reputed player in key south Indian markets, including Bengaluru, Chennai, Hyderabad and Kochi, as well as more recently in Pune and other cities in west India. With experience of over a decade under the Provident brand, the Group has built over 10 million square feet and delivered over 9,000 homes catering to the affordable and mass market housing sector. The Group currently has 22.9 million square feet under development, and a land bank with a development potential of over 65 million square feet.

Puravankara is listed on the Indian stock exchanges. The sponsor family holds 75% of the equity shares of Puravankara, and the balance 25% is held by other institutional and individual (public) investors.

 IFC and EAF would invest a total sum of up to INR 5,560 million or approximately US$76.0 million in one or more SPVs set up by the Group. Out of this, IFC’s investment would be up to INR 3,160 million (approximately US$43 million) and EAF’s investment would be up to INR2,400 million (approximately US$33 million).

 The Project is expected to be located across various cities in India, but the two identified projects are located in Edappally, Kochi and Devanahalli, Bengaluru.

This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability because a limited number of specific environmental and social impacts may result which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria.

Key E&S risks and issued related to the Project include: (a) assessment of E&S risks and impacts of proposed projects and their adequate assessment and mitigation; (b) Puravankara and the companies’ capacity, systems and staffing to manage E&S aspects of its constructions and operations in accordance with legal requirements and IFC Performance Standards; (c) assurance of fair, safe and healthy living and working conditions for the workers (especially during construction); (d) management of air emissions, wastewater treatment and solid waste during construction and operations; (e) resource conservation mainly through green building design; and (f) impacts of construction activities on nearby communities.