Canadian real estate company Ivanhoe Cambridge Inc. paid 5.00 billion Indian rupees to acquire a 26.32% stake in a real estate project being developed by a Lodha Developers Ltd. unit.

Ivanhoe acquired the stake in part of the phase 2 of the Palava project in Maharashtra, India, through Piramal Ivanhoe Residential Investment Fund 1.

As of Dec. 21, US$1 was equivalent to 70.13 rupees.