Red Fort Capital is acquiring a 50% stake in a residential complex being developed in Noida by 3C Company. Although the deal size is unknown,it could be in the range of $22 - 32 Mn. Red Fort will invest in the SPV that owns the project - Lotus Panache. 

The project - expected to be announced shortly- will have 3,500-4,000 apartments spread across 41 across. The initial investment made by Red Fort and 3C Company will be used to acquire land. The construction cost will be funded by individual property buyers.

If the deal goes through, this would be Red Fort's second project level investment in 3C Company. Earlier in Aug'09, It had acquired 50% stake in 3C's Lotus Boulevard project for$32 Mn.

Privately-held Rs 200 Cr 3C Company has developed over 12 Mn Sq ft of commercial projects, including Wipro’s Gurgaon campus and Patni Computer Systems’ Noida office.

Red Fort Capital has invested about$400 Mn in the Indian Real Estate sector. It has made over 10 investments in India. It also has a $327mn Indiafocused real estate fund - Red Fort India Real Estate Fund I.