Saffron Group picks up 30 pc stake in Parsvnath

New Delhi, Apr 17: Parsvnath Developers Ltd (PDL), a leading real estate company, today said two Saffron Group managed funds - Yatra Capital Ltd and Saffron India Real Estate Fund I (SIREF I) have picked up 30 per cent stake in its subsidiary at Rs 186 crore, for the development of BEST bus depot near the Bandra Kurla Complex in Mumbai.

Parsvnath Developers Ltd was awarded the development rights under a tender process for the 30,820 square metres of land area in Kurla, Mumbai. The land from BEST was awarded for planning, designing, constructing and re-modeling a fully equipped Bus Depot, Staff Housing and constructing buildings for commercial utilisation.

The development activities would be undertaken through a special purpose vehicle under the name of Jarul Promoters&Developers Pvt Ltd, being a subsidiary of Parsvnath Developers Ltd.

PDL and Jarul have entered into agreements with Yatra Capital Limited and SIREF I, whereby the investors shall each hold a 15 per cent equity stake in Jarul, on a fully diluted basis.

For the purpose of acquiring this stake, investors would make an investment of Rs 186 crore, thereby valuing the project at Rs 620 crore, said a statement.

Parsvnath Chairman Pradeep Jain said, ''Through the SPV, the company is planning to build the complex with state-of-the-art infrastructure setting a benchmark for the area. We are committed to ensure an international quality development within the complex.''

UNI