Parsvnath Developers acquires additional 50% stake in its JV Company

Parsvnath Developers Ltd on March 07, 2007 has announced that the acquisition of stake of its joint venture partner in Parsvnath Landmark Developers Pvt. Ltd (PLDPL). PLDPL, which was a 50:50 joint venture Company between the Company and OCL India Ltd, will now be a wholly owned subsidiary of the Company.

Parsvnath Landmark Developers Pvt Ltd is a real estate development Company with two key commercial and residential projects under implementation. This involves the construction and development of a Shopping Mall at Faridabad and a high end premium residential project at Khyber Pass, Delhi. The two projects are expected to add substantially to the Company's topline.

'Mall Manhattan', the mall being built by PLDPL, is nearing completion and is expected to the operational very soon.

'Parsvnath La Tropicaca' is the residential project at Khyber Pass, a prime residential area in Civil Lines, North Delhi. The plot has been purchased from DMRC for construction, on which work is likely to begin shortly.

Commenting on the takeover, Mr. Pradeep Jain, Chairman the Company, said, "This takeover by PDL will come as good news to our investors, as the revenues from the projects will start accruing in the current fiscal itself. The residential project will further be benefited by the new Master Plan of Delhi and will add considerably to the top and bottom line of the Company".

Source : Equity Bulls

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