M3M raises $76 million from Oaktree Capital

The funding will reportedly help the company spruce up its ongoing projects.

Gurugram headquartered realty firm M3M Group raised $76 million from American global asset management firm Oaktree Capital through non-convertible debentures. The funding will reportedly help the company spruce up its ongoing projects.

The developer received $49.23 million this week and will get the remaining in coming days, The Economic Times reported, citing a person familiar with the matter. The deal marks Oaktree's first real estate investment in North India.

Currently, M3M has over 2,000 acres of land across the Delhi-NCR region, where a few projects are currently under construction. The company is reportedly developing Trump Tower with 275 luxury residence in Gurugram.

Earlier, the company had raised funding from Indiabulls Group and PNB Housing Finance Ltd.