Mumbai: Realty firm Kolte-Patil Developers (KPDL) on Tuesday said it has bought out foreign investor Epsilon Investments's 49 percent stake each in subsidiaries - Oakwoods Hospitality and Jasmine Hospitality - for a total sum of Rs 65.62 crore.
The subsidiaries were formed by KPDL with a 51 percent ownership each. Epsilon Investments had 49 percent stake in both. After completion of the Rs 65.62-crore acquisition process, both companies have become wholly-owned subsidiaries of KPDL, the company said in a release here.
Oakwoods Hospitality and Jasmine Hospitality have land parcels in Pune and Bangalore respectively.
"KPDL is rapidly growing while developing its various brands that appeal to every financial bracket. We believe that both the wholly-owned subsidiaries have huge potential and will add value to our plans in the residential category," Kolte-Patil Developers Group CEO Sujay Kalele said.
"The qualities of the land parcels fit in our upcoming plans for KPDL's 24K brand, and this acquisition signifies our positive expectations from the brand," he said.
The property in Pune consists of 0.45 million square feet of saleable area and the Bangalore one comprises 0.58 million square feet of saleable area, the release said.
KPDL plans to develop high-end residential projects on these two land parcels under its brand '24K'.
Shares of Kolte-Patil Developers were last trading at Rs 104.20, up 1.46 percent on BSE platform.