Friday, July 4, 2008

DS Kulkarni sells 50 % stake in 250 acre Phursungi multi-service special economic zone to investment firm GTC Cyprus for $90 million

DS Kulkarni Developers Ltd (DSKDL) and GTC Cyprus, a Kardan Group Company: 50:50 joint venture (JV)

1) Business Standard says: DS Kulkarni Developers Ltd (DSKDL) has executed a shareholders agreement with GTC Cyprus, a Kardan Group Company, to jointly develop a 250 acres Multi-Service SEZ Project in Pune through a 50:50 joint venture (JV).

2) DS Kulkarni sells 50 pct in Pune SEZ unit for $90 mln | Reuters

3) DSK shares closed Friday 4.54 percent higher at 94.50 rupees on the Bombay Stock Exchange, while the benchmark Sensex ended up 2.75 percent at 13,454.00, writes Thomson Financial.

4) According to India Infoline: Any further equity contribution will be made by DSKDL and GTC in their respective shareholding proportion.

The total built-up area of the SEZ is estimated to be over 15mn sq. ft. and the total investment in the project is estimated to be around US$1bn.

5) RTTNews: Friday, DS Kulkarni Developers said that they have executed shareholders agreement with GTC Cyprus, a Kardan Group company.

6) Incidentally it may be the first Multi-Service SEZ in Maharashtra that may soon start taking shape: The Hindu Business Line:

DS Kulkarni Developers Ltd (DSKDL) has informed BSE that the Company has executed a Shareholders Agreement with GTC Cyprus, a Kardan Group Company.

7) My iris: Shares of DS Kulkarni Developers gained Rs 4.6, or 5.09%, to trade at Rs 95. The total volume of shares traded was 71,837 at the BSE (3.05 p.m., Friday).

8) The Economic Times: ET has it's usual clarity in it's news. For example: 1) GTC Cyprus, would infuse about $ 90 million (about Rs 388 crore)
2) net investment of one billion dollars (about Rs 4,311 crore)
3) the Pune-based firm said in a filing to the Bombay Stock Exchange.
4) GTC Cyprus is a part of Netherlands-based Kardan Group, which is engaged in developing real estate projects in Western Eastern Europe, Central Europe and China.

9) Bombay Stock Exchange: Announcement News:
Scrip Code:523890 Company:DS Kulkarni Developers Ltd :
Subject: DS Kulkarni - SEZ deal with GTC

10) NDTV Profit: DS Kulkarni, GTC Cyprus to jointly develop SEZ in Pune

Back ground:
Ravi Karandeekar's Pune Real Estate Investment Blog:

1) In November 2007, D.S. Kulkarni Developers Ltd. (DSKDL) had 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.

2) 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).

3) The closing of the transaction was 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.

Looks like that now we can congratulate DSK and wish all the best to Kardan!


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