Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Godrej Properties Partners With Private Equity Firm

The Mumbai-based real estate developer Godrej Properties Ltd. announced that it had entered into an agreement with ASK Property Investment Advisors, a leading real estate private equity player, to sell a 49 percent stake in its subsidiary Godrej Landmark Redevelopers Pvt. Ltd. (GLRPL), which is developing redevelopment project in Chembur, Mumbai.

GLRPL recently entered into a tripartite agreement with Kamla Landmarc Property Leasing and Finance Pvt. Ltd. and 18 societies to undertake a residential redevelopment project in Sahakar Nagar, Chembur, Mumbai. The project, spread over around 14,600 sq.mtrs. will offer around 600,000 sq.ft. saleable area and is proposed to be developed as a modern group housing residential development comprising 2,2.5 and 3 BHK apartments.

ASK Group along with GLRPL will invest in the Sahakar Nagar redevelopment project. ASK will pay a Rs.20 crore premium to GPDPL for its 49 percent stake in the project.

Godrej Properties Executive Director Pirojsha Godrej said, "We are very happy to have reached this agreement with ASK Group. This fits in well with Godrej Properties strategy of efficient capital management and demonstrates our continued ability to attract equity capital in difficult market conditions."

ASK Investment Holdings CEO and MD Sunil Rohokale said, "Redevelopment is the need of the hour to make Mumbai a world class city and raise the living standard of its citizens. With the entry of a strong brand like Godrej, redevelopment is bound to grow exponentially."

At the BSE, Godrej Properties shares are currently trading at Rs.640.95, up 3.62 percent from the previous close.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Kraton Performance Polymers, Inc. (KRA), Wednesday reported second-quarter net income of $11.1 million or $0.33 per share, up from $3.8 million or $0.12 per share last year. Adjusted earnings improved to $0.46 per share from $0.15 per share last year. Revenues for the quarter dropped to $323.8... Organic grocer Whole Foods Market, Inc. said Wednesday after the markets closed that its third quarter profit rose 6.3% from last year, as same-store sales increased 3.9%. The company's quarterly earnings per share also came in above analysts' expectations, but its quarterly sales fell shy of analyst' forecast. Micro-blogging site Twitter Inc said Tuesday after the markets closed that its second quarter loss widened from last year, hurt mainly by stock-based compensation expense, even as revenue more than doubled thanks to growth in advertising. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.