DELHI: Realty firm Lotus Greens Developers today said private equity firm Red Fort Capital would invest Rs 1,000 crore in its various residential projects in the national capital region.
Lotus Green Developers has recently been founded by Nirmal Singh, one of the promoters of another realty firm The 3C, and its Vice Chairman P Sahel, who has worked for realty companies like Jones Lang LaSalle and DLF.
"We are happy to associate with Red Fort Capital which will invest an amount of Rs 1,000 crore in our company. Red Fort Capital has already committed Rs 365 crore. We will utilize this fund for development of our various projects in Delhi NCR region," Lotus Greens founder Nirmal Singh said in a statement.
When contacted, company's Vice Chairman P Sahel said that Red Fort Capital has infused Rs 365 crore in form of unsecured non-convertible debentures (NCDs) and this would be utilised for 100 acre township in Gurgaon and 50 acre group housing project on Yamuna Expressway.
These two projects would be launched shortly, Sahel added.
"The remaining Rs 635 crore would be utilised for the company's expansion plan of adding more residential projects in the NCR," Sahel said.
"This is one of the largest private equity investments in Indian real estate in recent times and is a clear demonstration of Red Fort Capital's faith in long term growth prospects of Lotus Greens," Sahel said in the statement.
Red Fort Capital is a leading private equity firm with more than USD 1 billion under management. The fund has invested in more than 20 projects in India with 60 million sq ft under development.