Bengaluru, June 11 -- Ashwin Sheth Group has acquired a 50% stake in a stalled 74-storey luxury residential project in south Mumbai, giving existing lender J.C. Flowers Asset Reconstruction Pvt. Ltd an exit, officials of the real estate developer said, declining to reveal the size of the transaction.

In a two-way strategic deal, Asia-focused Investment firm PAG has also committed Rs.540 crore of credit finance to the project 'One Marina', located in Marine Lines. The funds will be used for construction of the project, with a gross development value of Rs.2,300 crore.

Mumbai-based Ashwin Sheth Group acquired the stake from Jitendra Sheth and Vallabh Sheth, the promoters of real estate firm Sheth Creators. The remaining 50% stake remains ...