Parsvnath ties up with two Saffron Group funds for Mumbai project

April 17th, 2008 - 3:43 pm ICT by admin  

New Delhi, April 17 (IANS) Parsvnath Developers Limited has inked an agreement Thursday with two Saffron Group-managed funds, Yatra Capital Limited and Saffron India Real Estate Fund I, for the development of a BEST bus depot near the Bandra Kurla Complex in Mumbai. The land from BEST was awarded for planning, designing, constructing and re-modelling a fully equipped Bus Depot, Staff Housing as well as buildings for commercial utilisation.

Speaking on the development, Parsvnath Developers Ltd Chairman Pradeep Jain said: “This is a significant achievement for us as investors are showing interest and confidence in our group. We are expanding at a good pace and these developments would further help in our commitment to work towards better results for our investors”.

“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 ensuring an international quality development within the complex.” Jain added.

The development activities will be undertaken through a special purpose vehicle (SPV) under the name of Jarul Promoters and Developers Private Limited, a subsidiary of Parsvnath Developers Ltd.

Parsvnath and Jarul have entered into agreements with Yatra Capital Limited and SIREF I under which the investors shall each hold a 15 percent equity stake in Jarul, on a fully diluted basis. For the purpose of acquiring this stake, the investors will make an investment of Rs.186 crore, thereby valuing the project at Rs.620 crore.

Last year in August, Parsvnath Developers Ltd also bagged a redevelopment project for Mahim Bus Terminus, Mumbai from BEST for commercial and residential utilisation along with remodelling of the existing bus station.

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