Piramal fund puts Rs. 225 crore into Lotus Greens projects.

Piramal Fund Management, the real estate investment arm of the Ajay Piramal Group, has invested Rs. 225 crore in two projects of Noida-based builder Lotus Greens, two people aware of development said.

Lotus Greens will use a part of the funds to pay for the land it has bought in Noida. The rest will be used to complete old projects, including Lotus Boulevard and Lotus Panache, for developing the second phase of its Arena project in Sports City in Noida's Sector-79 and for a new plotted development in Sports City.

'Lotus Greens has issued non-convertible debentures to the fund and will utilise the money to complete some of its existing and new projects,' one of these people said on condition of anonymity. An email questionnaire sent to P Sahel, vice-chairman at Lotus Greens, did not elicit any response. Piramal Fund Management, earlier known as Indiareit, also did not respond.

Property advisory firm CBRE, which was the transaction advisor to the deal, declined to comment. Lotus Greens had raised Rs. 450 crore last month from private equity funds Clearwater Capital and SSG Capital Management for another Sports City that will be spread over 300 acre in Noida's Sector 150. The builder had raised this money to fund the first tranche, which it had to pay to Noida Authority for the land.


ET