Founded in 1979, by Late Om Prakash Gupta, Ashiana, is a well reputed real estate company having delivered over 23 million sq.ft. and over 15,000 units across affordable / mid-income housing segments. The Company is listed on the National Stock Exchange (NSE) and Bombay Stock Exchange ( BSE). The Company is currently managed by Mr. Om Prakash Gupta's sons, Vishal Gupta, Ankur Gupta and Varun Gupta (Sponsors) who collectively own 61%.

As of December 2022, the Company has on-going projects, with 5.6 million sq ft of saleable area in 7 cities across India, including Jaipur, Jamshedpur, Gurugram, Bhiwadi and Chennai.

In March 2018, IFC had committed INR1,500 million (~US$21 million at the time) to invest alongside Ashiana to develop affordable / mid-income housing and senior living housing in India. This has been almost fully disbursed towards projects in Jaipur, Gurugram and Chennai.

Total project cost is estimated to be about US$343 million and IFC's investment will be in the form of INR denominated Non Convertible Debentures.

Projects are expected to be located across various cities in India, including Jaipur (Rajasthan), Gurugram (NCR), Pune (Maharashtra) and Chennai (Tamil Nadu).

No identified governance risks to development impacts.

The project is Category B according to IFC's Policy on Environmental and Social Sustainability (2012). The key E&S risks and issues associated with the project include: i) adequacy of the E&S management system (ESMS) including impact assessment of design and construction activities; ii) occupational health and safety (OHS) for workers especially during construction including COVID-19 infection control; iii) resource efficiency including recycling and reuse initiatives through green building design; iv) pollution prevention during construction and operation stages; v) land purchase process; vi) life and fire safety (L&FS); and vii) community security, health and safety.