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.

Corolla Realty is the holding entity of Ivy Estate, an 80 acre real estate development located at Wagholi in Pune.

The total saleable area of the project stands at 5.3 million feet of which around 2.5 million square feet had been sold as of the end of the first quarter of the current financial year.

“We are happy to close this transaction and be eligible to receive 100% revenues and profits from the project. Ivy Estate is one of our established projects targeted at the mid-income group (MIG) segment and a strong volume driver for the company,” said Sujay Kalele, chief executive officer, Kolte Patil Developers.

Shares of Kolte Patil developers closed at Rs180.55 per share, up 0.22% from previous close on Monday. The benchmark BSE Sensex closed at 26,904.11 down 0.65%.

Also Read: Altico Capital India pumps $69m in south Mumbai project to kick-start construction

Carnival Group buys L&T’s commercial real estate project in Chandigarh for $275m

This article was first published on Livemint.com

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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