Kolte-Patil Developers (KPDL) has acquired 49% stake in its two subsidiaries namely Oakwoods Hospitality and Jasmine Hospitality, those having a project at Pune and Bangalore respectively, for total consideration of Rs 65.62 crore.
Formerly both these subsidiaries were formed by KPDL with a 51% stake ownership, and Epsilon Investments, a Foreign Investor, had a 49% stake in both the subsidiaries. The completion of this transaction results in both subsidiary companies becoming wholly owned subsidiaries of KPDL.
The acquisition of both these companies ties in with KPDL’s larger plans for upcoming real estate projects. While the Pune property consists of 0.45 million square feet of saleable area, the Bangalore property comprises of 0.58 million square feet of saleable area. Given the significance of these companies, KPDL plans to develop a high end residential project on these two land parcels under its brand ‘24K’.