Kolte-Patil acquired 49% stake in its two group SPVs

Kolte-Patil Developers (KPDL) has announced the acquisition of stake in its subsidiaries namely Oakwoods Hospitality and Jasmine Hospitality, those having a project at Pune and Bangalore respectively, for total consideration of Rs. 65.62 crore. Formerly these subsidiaries were formed by KPDL with a 51 per cent state ownership, and Epsilon Investments, a foreign investor, had a 49 per cent stake in both the subsidiaries. The completion of this transaction results in both subsidiary companies becoming wholly owned subsidiaries of KPDL.
The acquisition of these two companies ties in with KPDL`s larger plans for upcoming real estate projects. While the Pune property consists of 0.45 million sq. ft. of saleable area and the Bangalore property comprises of 0.58 million sq. ft. of saleable area. Given the significance of these companies, KPDL plans to develop a high end residential project on these two land parcels under its brand Rs.24K.

17