Housing and construction firm DS Kulkarni Developers today said it has terminated its agreement with GTC Cyprus Holding Pune Ltd for development of a special economic zone (SEZ) project.
The agreement which was executed on July 3, 2008, between the company and GTC Cyprus Holding Pune Ltd for joint development of SEZ project has been annulled and terminated, DS Kulkarni Developers Ltd (DSKDL) said in a filing to the Bombay Stock Exchange.
"DSKDL will continue with the development of the proposed SEZ," the filing added.
DSKDL and GTC Cyprus, a Kardan Group company, has signed an agreement to develop jointly a 250 acres multi-Service SEZ project in Pune through a 50:50 joint venture.
Kardan Group is based in Netherlands and have real estate projects in Western Eastern Europe, Central Europe and China.
Shares of DS Kulkarni Developers today settled at Rs 55.80, down 3.46 per cent on the BSE.
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