By IANS,
New Delhi: Private equity fund Red Fort Capital will invest Rs.90 crore in a luxury residential project in the capital being developed by realty major Parsvnath, the realtor said Thursday.
According to an agreement reached between the two firms, Red Fort will pick up 18 percent equity interest in the project, expected to be completed in three years and generate revenues of about Rs.1,300 crore.
“This is a significant achievement for us as investors are showing interest and confidence in our group,” said Parsvnath chairman Pradeep Jain in a statement.
The project, Parsvnath La Tropicana, is spread over an area of 68,149 square metres. The construction work will commence shortly, the company said.
According to company sources, Parsvnath is also in talks with Red Fort to raise funds for its other projects.