Parsvnath - A Good buyout of JV share with OCL India

Parsvnath Developers Ltd. said on Wednesday that it had bought out the stake held by its joint venture partner in Parsvnath Landmark Developers. With this, the 50:50 JV with OCL India Ltd. will now be a wholly owned subsidiary of the company, Parsvnath said.

Parsvnath Landmark Developers is a real estate development company with two commercial and residential projects under implementation. These involve the construction and development of a shopping mall at Faridabad and a premium residential project at Khyber Pass, Delhi.

'Mall Manhattan', the mall being built by Parsvnath Landmark Developers is nearing completion and is expected to the operational very soon. 'Parsvnath La Tropicaca' is the residential project at Khyber Pass. The plot has been purchased and work is likely to begin shortly.

"This takeover will come as good news to our investors, as revenues from the projects will start accruing in the current fiscal itself. The residential project will further benefit by the new Master Plan of Delhi and will add considerably to the top line and bottom line," said Pradeep Jain, Chairman of Parsvnath.