DS Kulkarni, GTC Cyprus to jointly Develop SEZ in Pune

July 7, 2008	(1 votes, average: 5 out of 5)  Loading ...
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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.

News Published Under:   Real Estate India, Pune |

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