DS Kulkarni, GTC Cyprus to jointly develop SEZ in Pune
Housing and construction firm DS Kulkarni Developers has entered into an agreement with Kardan Group firm, GTC Cyprus, for jointly developing a multi-service SEZ project in Pune, in which the foreign firm will invest $ 90 million.
By PTI |
MUMBAI: Housing and construction firm DS Kulkarni Developers has entered into an agreement with Kardan Group firm, GTC Cyprus, for jointly developing a multi-service SEZ project in Pune, in which the foreign firm will invest $ 90 million.
DS Kulkarni Developers Ltd (DSKDL) has entered into an agreement with GTC Cyprus under which "... DSKDL and GTC shall jointly develop a 250 acres Multi-Service SEZ Project in Pune through a 50:50 JV," the Pune-based firm said in a filing to the Bombay Stock Exchange.
GTC Cyprus, would infuse about $ 90 million (about Rs 388 crore) against its stake in the JV in a phased manner, the filing said.
"Any further equity contribution shall be made by DSKDL and GTC in their respective shareholding proportion," it added.
The Pune-based 250 acres Multi-Service SEZ Project, involving a net investment of one billion dollars (about Rs 4,311 crore) would have a total build-up area of over 15 million sq ft.
GTC Cyprus is a part of Netherlands-based Kardan Group, which is engaged in developing real estate projects in Western Eastern Europe, Central Europe and China.
Shares of DS Kulkarni closed at Rs 94.50, up 4.54 per cent on the BSE.
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