Parsvnath Developers sells 24.5 pc stake

Parsvnath Developers Limited (PDL), a leading integrated infrastructure developer, has sold 24.5 per cent stake in office project for Rs 120 crore, said the company on Monday.

Parsvnath has partnered with real estate firm Red Fort Capital to develop ?Red Fort Parsvnath Towers?, a state-of-the-art commercial office complex located on Bhai Veer Singh Marg at New Delhi?s Connaught Place.

PDL has executed a concession agreement with Delhi Metro Rail Corporation (DMRC) to deliver the project on a BOT basis for a consideration of INR 995 Million.

The entities controlled by Red Fort Capital have acquired 24.50% equity stake in FDPL by inducting INR 1200 Million as foreign direct investment.

PDL has assigned its rights in the Concession Agreement to its subsidiary Farhat Developers Private Limited (FDPL) and the Project shall be developed by FDPL.

Speaking on the occasion, Pradeep Kumar Jain, Chairman, Parsvnath Developers Ltd. said: ?This project will set a new international benchmark for the commercial property market in India.?

PDL has already issued a letter of intent to Larsen & Toubro (L&T), India?s leading construction and engineering firm, for construction of the project on a turnkey basis.