Red Fort Capital, an India-focused private equity firm, has invested an undisclosed sum in a residential project being developed in Noida, Uttar Pradesh, by real estate firm 3C Company, a company statement said. This is the second investment of Red Fort Capital in 3C Company.
The value of the deal was not disclosed.
An earlier report in ET suggests the investment is somewhere in the region of Rs 100-130 crore for a 50% stake in the project. When contacted, a Red Ford official did not want to comment about the financials.
Earlier, in August 2009, Red Fort had picked up a 50% stake in a separate project of 3C Company called Lotus Boulevard in Noida for Rs 150 crore.
The newly launched project called Lotus Panache is also located at Noida. The project spreads across 41 acres and will have 3,500-4,000 apartments. The total project cost is estimated at Rs 2,400 crore.
Red Fort Capital has invested over $400 million across 10 deals in India across residential, commercial, logistics and hospitality assets. Among its recent investments include the Rs 115 crore for picking up 22% stake in a residential group housing project of Parsvnath Developers.
3C has constructed over 12 million square feet of commercial projects including Wipro’s Gurgaon campus and Patni Computer Systems’ Noida office.