Kolte-Patil Developers Limited (KPDL) has acquired a 49% stake in its two subsidiaries namely Oakwoods Hospitality and Jasmine Hospitality for total consideration of Rs 65.62 crores.
Formerly these subsidiaries were formed by KPDL with a 51% stake ownership, and Epsilon Investments Limited, a Foreign Investor had 49% stake in both the subsidiaries.
However, the completion of this transaction results in both subsidiary companies becoming wholly owned subsidiaries of KPDL.
Oakwoods Hospitality and Jasmine Hospitality subsidiaries have a project in Pune and Bangalore.
The acquisition of these two companies ties in with KPDL’s larger plans for upcoming real estate projects.
While the Pune property consists of 0.45 million sq ft of saleable area, the Bangalore property comprises of 0.58 million sq ft of saleable area. KPDL plans to develop a high end residential project on these two land parcels under its brand ‘24K’.
Sujay Kalele, Group CEO, Kolte-Patil Developers Ltd. said, “Both the wholly owned subsidiaries have huge potential and will add value to KPDL’s plans in the residential category. The qualities of the land parcels fit in with our upcoming plans for KPDL’s 24K brand, and this acquisition signifies our positive expectations for the brand.”.
