JP Morgan has invested $30 million in Parsvnath Developers' residential project La Tropicana coming up in the Civil Lines area of New Delhi.
The deal includes an additional funding for the real estate group through JP Morgan's local NBFC in India. According to a source close to the development, part of the funds raised has been used by Parsvnath to provide an exit to Red Fort Capital, which had invested Rs 115 crore in the project in 2009. Red Fort has made a 30% return on its investment in the project, sources in the know of the deal said.
Ernst & Young, which was the advisor to the deal, and JP Morgan did not comment on the deal. Parsvnath did not respond to ET's queries.
Source: Economic Times