NEW DELHI: Real estate firm Lotus
Greens Developers today said it has raised Rs 365 crore from private equity
firm Red Fort Capital for the development of housing 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 it’s Vice Chairman P Sahel, who has worked for more than 16
years in realty companies like Jones Lang LaSalle and DLF.
"Red Fort Capital has
invested Rs 365 crore in our company in the form of unsecured non-convertible
debentures (NCDs). The funds will be utilised for the development of one or
more residential projects in the NCR," Lotus Greens Vice Chairman Sahel P said.
The project will be launched in
the next few months, he said, refusing to disclose any futher details.
Sahel said Red Fort Capital would
not acquire any stake in the company.
To begin with Noida-based Lotus Greens
will be coming up with real estate projects, primarily residential, in Delhi
NCR region. The group has plans to develop commercial, hospitality, health care
and education projects.