Sheth Group & PAG Unite: Rs 540 Cr Boost for One Marina

Real estate developer Ashwin Sheth Group has partnered with Asia-focused investment firm PAG in a Rs 540 crore (USD 65 million) deal to acquire a 50% stake in the stalled One Marina luxury residential project at Marine Drive, Mumbai. The stake was purchased from Vallabh Sheth and Jitendra Sheth of Sheth Creators.

With a gross development value of around Rs 2,300 crore, the 75-storey, one million sq. ft. project had reached its ninth podium level before stalling. The fresh capital will be used to restart construction, repay a loan from Yes Bank, and facilitate the exit of JC Flowers ARC.

YM Infra, the original landowner, retains the remaining 50% stake. Ashwin Sheth Group will control 4,00,000 sq. ft. of saleable area. Chairman Ashwin Sheth stated the move reflects the Group’s vision to reshape South Mumbai’s luxury real estate market, with plans to pursue further redevelopment projects in areas such as Sewri.

News by Rahul Yelligetti.