India: Kolte Patil buys out 100% stake in Corolla Realty for $25m

India: Kolte Patil buys out 100% stake in Corolla Realty for $25m

Real estate Photo: Mint

Pune-based real estate firm Kolte Patil Developers Ltd has bought out its two joint venture partners in a Pune based real estate project.

In a notification to stock exchanges on Monday, Kolte Patil said that it now controls 100% of Corolla Realty Ltd, a special purpose vehicle (SPV), after spending $25 million (Rs164 crore) to buy a 63% stake held by its partners ICICI Venture Funds Management Company Ltd and an unnamed individual investor. The company earlier held a 37% stake in the project.

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