Yatra in talks to buy stake in Parsvnath bus terminal project

MUMBAI: Yatra Capital, the Euronext-quoted India-focused real estate fund, is in final round discussion with Parsvnath Developers (PDL) to pick up 30% stake in latter���s bus-terminal-cum -commercial complex project in Mumbai for around 220 crore.

Sources said the fund has valued the Mumbai project at over Rs 700 crore. In 2006, PDL bagged the real estate project from BEST, the state government-owned transport and electric supply utility, to develop its surplus land in Kurla as a bus terminal-cum-commercial complex. The project has over of 40,000 sq ft developable area.
Parsvnath Developers chairman Pradeep Jain declined to comment. Parsvnath Developers has also won another project from BEST. The firm will develop a plot of land at Mahim Bus Station, Mumbai for commercial and residential use and renovate and expand the existing bus station.