Mumbai: Leading realty firm Parsvnath Developers said on 17 April it has tied up with two Saffron Group managed funds for a bus depot development project valued at Rs620 crore through a special purpose vehicle.
The two funds, Yatra Capital and Saffron India Real Estate Fund I (SIREF I), have signed agreements with Parsvnath for picking up 15% stake each in the company’s SPV through an investment of Rs186 crore, it said in a filing to the Bombay Stock Exchange.
The investments value the entire project at Rs620 crore, the filing added.
The SPV named Jarul Promoters & Developers Pvt Ltd would undertake development activities which involve planning, designing, constructing and re-modelling a fully equipped BEST bus depot in Mumbai. The project would also include staff housing and constructing buildings for commercial utilisation.
The company was awarded the development rights under a tender process for the 30,820 square metres of land in Kurla, Mumbai.
“I am glad that Yatra Capital and Saffron India Real Estate Fund I have joined hands with Parsvnath. We are expanding at a good pace and these developments will further help in our commitment to work towards better results for our investors,” Parsvnath Developers Chairman Pradeep Jain said.
Through the SPV, the company is planning to build the complex with state-of-the-art infrastructure setting a benchmark for the area, Jain added.
In August 2007, Parsvnath had bagged redevelopment project for Mahim Bus Terminus, Mumbai, with a developable area of 40,000 sq ft from BEST for commercial and residential utilisation along with remodelling of the existing bus station.