Monday, November 26, 2007

D.S. Kulkarni chooses Netherland's International investment company Kardan as a JV partner in DSK's 250 acre multi-services SEZ at Fursungi, in Pune!

D.S. Kulkarni Developers Ltd. (DSKDL) has signed a term sheet ('TS') with international investment company Kardan's (Kardan N. V.) subsidiary GTC Real Estate N.V. (GTC RE) to develop a phased commercial and residential project, multi service SEZ, at Fursungi, near Hadapsar in Pune, India.

The project comprises 1.5 to 2 million sq.m. of building rights on a land plot of approximately 1 million sq.m. DSK is planning to develop approximately 2/3 area for commercial development and 1/3 for residential.

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According to BNR Nieusradio, DSK and Kardan will establish a 50%-50% joint venture (JV). DSKDL will transfer to the JV a land plot of approximately 1 million sq.m. In consideration for its share in the JV, GTC RE will transfer, in installments, the current Indian Rupee equivalent of $ 95 million (EUR 64 million).

The first installment of the current Indian Rupee equivalent of $ 55 million (EUR 37 million) will be paid upon fulfillment of certain conditions precedent, including the receipt of necessary permits.

The balance of the consideration will be paid in two further equal installments based on certain milestones as agreed between DSK and Kardan.

The closing of the transaction is subject to certain conditions precedent, including the approvals of the boards of directors of both parties, due diligence and the signing of a detailed agreement.

D. S. Kulkarni Developers Limited (DSKDL) is a public company listed on the Bombay Stock Exchange and the National Stock Exchange of India Ltd. since 1993. DSKDL is active in real estate in India since 1981 and has developed over 1 million sq.m of space. DSKDL is the real estate arm of the DSK Group, which is also active in the automotive, IT, Education and Pharmaceutical sectors in India.

GTC RE, the real estate division of the Kardan Group, holds a 46.1% stake in GTC SA, one of the largest real estate developers in CEE.

GTC RE is active in Europe through GTC SA and GTC investments B.V., and in China through GTC Real Estate China Ltd.

GTC RE'S shares are listed on the Tel Aviv Stock Exchange and are included in several of its major indices.

Kardan currently holds (directly and indirectly) a 65.7% stake in GTC RE.

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