Parsvnath sells 30% stake in Mumbai project

Parsvnath Developers, a real estate major, today announced that it has sold 30% stake in a Mumbai project to foreign funds for a total consideration of Rs 186 crore for the development of the BEST bus depot near the Bandra-Kurla Complex, in Mumbai.
According to a release issued by the company to the BSE today, the total cost of the two projects has been valued at Rs 620 crore.

The company has proposed to sell 15% stake each in the Kurla bus depot redevelopment project to Euronext-listed Yatra Capital and recently-launched Saffron India Real Estate Fund-I. Both are promoted by UK-based fund manager Saffron Asset Advisors.

Yatra and Saffron have picked up the stake at land-value basis. They will also proportionately fund all future development and construction activities for the project, Parsvnath said.

DLF applies for pan-India telecom licence

DLF, the country's largest realty developer, today applied for nationwide telecom licences, days before the Department of Telecom (DoT) is supposed to stop accepting applications.Communications minister A Raja had recently said that DoT would not accept any applications after October 1.

DLF is the fourth realty company to have thrown its hat into the ring for telecom licences in recent days. While Parsvnath Developers was the first realty company to apply in August, Unitech said it would apply for a licence last week. This week, Indiabulls and DLF have also said they intend to apply for licences.

Parsvnath may go public for SEZ funding

With the Centre’s nod for its bio-technology and pharma special economic zone (SEZ) in Hyderabad, the Delhi-based realty major Parsvnath Developers Ltd (PDL) is upbeat about its SEZ business.

The company has already set aside funds of around Rs 40,000 crore for at least 12 of its 15 proposed SEZs. However, the company is now mulling other options to fund the projects.

Although, PDL has a history of funding its projects mostly through internal accruals, its managing director Sanjeev Jain doesn’t rule out the possibility of getting PDL’s subsidiary Parsvnath SEZ listed to fund the SEZ projects.

Parsvnath has received a formal approval for four of its SEZs and in-principle approval to other eight. Apart from the Kancheepuram multi-product SEZ, all other SEZs would be product-specific.

Read more in The Business Standard article.