Red Fort Cap to invest $1bn in India's real estate sector
Press Trust of India / New Delhi Feb 10, 2010, 19:11 IST
Real estate private equity firm Red Fort Capital today said it will invest up to $1 billion (around Rs 4,800 crore) in the next three years on various projects, including acquiring promoters' stake in some major realty developers in India.
"We are accelerating our investment programme very significantly amongst major metros and asset class. We are looking to invest up to $1 billion in the next 2-3 years in residential, office, hospitality, logistics and other projects," Red Fort Capital Director Kuldip Chawla told PTI on the sidelines of a CII real estate event here.
The PE fund would acquire stake between 20-70 per cent at both special purpose vehicle (SPV) level and enterprise level, he added.
"We are in discussion with some of the biggest developers in Delhi and Mumbai to pick up stakes...(at least one) deal is expected to be finalised in the next couple of months," Chawla said, without giving any further detail.
The PE firm, which is based in Cayman Island in the Caribbean Sea, has already invested about Rs 700 crore in the last 18 months in five projects worth up to Rs 7,000 crore.
It has an allocation of over $400 million for the Indian real estate market.
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