Red Fort Capital invests Rs 365 cr in Lotus Greens Developers

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 its 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 Developers Pvt Ltd 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.