Red Fort Capital is planning to take advantage of the liquidity crisis – by taking equity stakes in developers struggling to raise capital in India.
The New Delhi-based private equity real estate firm told PERE it was doing a lot of deals in the current climate, with the number of investment opportunities among Indian developers up by more than 50 percent.
“We’re doing a lot of deals,” said co-founder Parry Singh. The firm is reportedly planning to invest Rs 3,200 crore ($659 million; €491 million) in equity stakes with developers over the coming year. Singh declined to comment on figures, and insisted Red Fort was not “committing to a timeline.”
However he said the number of opportunities for investment had dramatically risen amid tighter lending markets, with Red Fort in the process of closing a number of transactions in cities across the country.
The firm is talking to about 10 developers, he confirmed. The projects are located in the National Capital Region, Mumbai, Bangalore, Kolkata, Chennai, Pune and Hyderabad.
“We’re very cautious in this world,” added Singh, but he said: “We are actively doing residential and the middle market sector.” Red Fort is also investing in office, budget hotels and warehousing and logistics.
Yvette Choo contributed to this article.
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