Parsvnath gets fund for bus depot project

New Delhi: Real estate company Parsvnath Developers Ltd (PDL) said that two Saffron Group managed funds, Yatra Capital Ltd and Saffron India Real Estate Fund I (SIREF I)would pick up 15 per cent stake each in its SPV that would develop BEST bus depot near the Bandra Kurla Complex in Mumbai.

Parsvnath Developers was awarded the development rights under a tender process for the 30,820 sq. metres of land area in Kurla, Mumbai. The land from BEST was awarded for planning, designing, constructing and re-modelling a fully equipped bus depot, staff housing and constructing buildings for commercial utilisation.

The development activities would be undertaken through a special purpose vehicle under the name of Jarul Promoters & Developers, a subsidiary of Parsvnath Developers Ltd.

PDL and Jarul have entered into agreements with Yatra Capital Ltd and SIREF I under which the two would each hold a 15 per cent equity stake in Jarul, on a fully diluted basis. “For the purpose of acquiring this stake, investors will make an investment of Rs 186 crore, thereby valuing the project at Rs 620 crore,” a Parsvnath release said here.

Commenting on the development, Mr Pradeep Jain, Chairman, Parsvnath Developers Ltd said, “This is a significant achievement for us as investors are showing interest and confidence in our group. We are expanding at a good pace and these developments would further help in our commitment to work towards better results for our investors.”

Meanwhile, PDL has also announced the launch of ‘Parsvnath Premium’ a group housing project in association with Mass House Building Cooperative in Jammu.