India’s leading real estate developers, DLF Ltd. has sold its stake in Kenneth Builders and Developers Ltd. to its identical associate in the venture, India bulls Real Estate Ltd.
The two companies came together in 2006 to develop high-end housing apartments at Okhla in New Delhi. The division bought its only holding, 35.8 acres (14.5 hectares) of land, for 4.5 billion rupees ($114 million) from the Delhi Development Authority in the similar year.
In a telephonic talk S Roy, a spokesman for the N.Delhi-based DLF said that buying and selling land is a continuous process of the company; he confirmed the business deal but said no to provide any description on the same.
According to the Economic Times DLF sold its stake for 5 billion rupees, but the relevancy of the information is still not clear. DLF share traded 4.3 percent lower at 884.2 rupees at 2:16 p.m. on the Bombay Stock Exchange. The company, established and generally owned by billionaire K. Pal Singh, raised $2.3 billion selling shares in June the preceding year.
India bulls Real Estate, in some extent owned by Goldman Sachs Group, and Merrill Lynch & Co., was spun off from India bulls Financial Services Ltd. last February. It traded 6.2 % lower at 728.5 rupees while the key Sensex index was down 1.5%.
India bulls, the nation’s fourth-biggest developer by market value, is developing 1.12 million square feet of housing and office space in Gurgaon, neighboring New Delhi, and also 150 acres of land at Sonepat, 51 km north of the Indian capital.
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