PE Funds to put Rs 450 crore into Lotus Greens’ Noida project

NEW DELHI: Private equity funds Clearwater Capital and SSG Capital Management are investing Rs 450 crore in the sports city township of Noida-based builder Lotus Greens, two people aware of developments said. Lotus Greens is acquiring over 300 acres in Noida’s Sector 150 for around Rs 2,500 crore and it will use the Rs 450 crore infusion to make the first tranche of payment to Noida Authority next week for 230 acre, these people said on condition of anonymity.

The developer will issue non-convertible debentures (NCD) to the non-banking financial company (NBFC) of Clearwater Capital and to SSG Capital Management, one of these people said. An email sent to Pramendra Sahel, vice-chairman at Lotus Greens, did not elicit any response. SSG’s general counsel Richard Yee declined comment on an email query.

Clearwater Capital did not respond to an email questionnaire. The Noida Authority had awarded the bid to build the sports city to Lotus Greens in July. The over low-density project will offer residential as well as recreational facilities, including a nine-hole golf course.