Crime Today News
Ashwin Sheth Group had acquired the stake in the ultra-luxury redevelopment project, One Marina, from Vallabh Sheth and Jitendra Sheth
| Photo Credit:
Bloomberg
Alternative investment firm PAG has committed $65 million for the development and construction of a project in Mumbai by Ashwin Seth Group, with a gross development value of ₹2,300 crore, per a statement by the real estate developer.
The realtor has acquired a 50 per cent stake in Project One Marina, a luxury residential development coming up in Mumbai’s Marine Drive, an arterial road bordering the sea.
PAG, whose funding had facilitated the acquisition, will also be supporting the project through its construction phase. Part of the funds raised from PAG were used to facilitate the exit of JC Flower ARC, whose loan from Yes Bank was settled by Ashwin Sheth Group to clear the way for the new partnership.
“With this project, we aim at demonstrating our strategic focus on South Mumbai with multiple other upcoming projects to redefine the luxury/ultra-luxury segment. Our partnership with PAG ensures that the project will receive the investment and expertise needed to realise its full potential,” said Ashwin Sheth, Chairman and Managing Director of Ashwin Sheth Group.
Ashwin Sheth Group had acquired the stake in the ultra-luxury redevelopment project, One Marina, from Vallabh Sheth and Jitendra Sheth, who previously held this share along with the landowner, YM Infra.
Construction on the 74-storey tower has reached the 9th podium level and of the total 1 million square feet in the project, Ashwin Sheth Group holds a saleable area of 400,000 square feet.
Published on June 11, 2025
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