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Apollo Makes $1 Billion Bet on Indian Property With Lending Plan

  • Indian housing market has returned to pre-Covid level
  • Apollo plans to add two more bankers to property arm in India
Residential buildings in Bengaluru.
Residential buildings in Bengaluru.Photographer: Dhiraj Singh/Bloomberg

Apollo Global Management Inc. is planning to lend about $1 billion to developers in India this year, betting on a recovery in the residential property market as the pandemic eases.

That’s up from the $750 million that Apollo lent to Indian developers last year, with two-thirds of that sum directed to residential projects, according to Nipun Sahni, a partner at the private equity firm. About 70% of this year’s lending will go to home builders and the rest to commercial developers.