PTI
Realty firm Godrej Properties on Wednesday
said the company has bought back private equity firm Red Fort Capital’s 49 per
cent stake in a subsidiary that is developing an IT Park in Kolkata, for an
undisclosed amount.
In 2008, Red Fort had picked up 49 per cent
stake in the IT Park project ‘Godrej Genesis.’
“In terms of the agreement with Red Fort
India Real Estate Babur (Red Fort) for Project Godrej Genesis at Kolkata, the
company has given exit to Red Fort by purchasing its 49 per cent stake in the
equity share capital of its subsidiary Godrej Developers Pvt Ltd (GDPL),”
Godrej Properties said in a filing to the BSE.
GDPL has become wholly-owned subsidiary of
the company with effect from December 4, 2013, it said, but did not disclose
the amount it paid to Red Fort for the stake.
In July, Godrej had bought back HDFC Asset
Management Company Ltd’s nearly 50 per cent stake each in the realty firm’s two
projects at Chennai and Chandigarh.
HDFC PMS (Portfolio Management Services)
had invested about Rs. 100 crore to pick up stakes in Godrej Properties’ two
subsidiaries, which are developing realty projects in Chennai and Chandigarh.
Godrej Properties has presence in 12 cities
across India with about 90 million sq ft of potential developable area.
The company reported 48 per cent rise in
net profit during first half of this fiscal at Rs. 73.7 crore, while total
income grew by 21 per cent to Rs. 564.6 crore during the period under review.
PE firm Red Fort Capital focuses on Indian
real estate and has invested in several projects. Besides Godrej, it has made
investment in projects of Parsvnath Developers, The 3C Company and Lotus Green
among others. Source: The Hindu
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