Sureka Group, Merlin Group and JB Group announced that they were taking over the company as well as its project at the satellite township for Rs.150 crore, in an all-cash deal

A consortium of three Kolkata-based real estate groups has acquired 100 per cent stake in Keppel Magus Development Private Limited (KMD), which was implementing a major project in the upcoming township at Rajarhat.

Sureka Group, Merlin Group and JB Group announced on Thursday that in an all-cash deal, they were taking over the company as well as its project at the satellite township for Rs.150 crore. This includes contractor obligations, bank liabilities and unsold apartments at a 25-acre plot at New Town, a satellite township in Rajarhat on the city’s eastern fringes.

The consortium partners have delivered over 20 million sq. ft. of quality development across real estate categories such as residential, commercial and retail, according to a statement.

The consortium has acquired KMD as an “ongoing entity”, and plans to execute remainder of the project besides speeding up the remaining few deliveries from the first phase.

KMD was earlier held by Keppel Land of Singapore, Magus Estates & Hotels Ltd., subsidiary of Asian Hotels (North) Ltd. of the Jatia Group, owner of Hyatt Regency in New Delhi, and Four Season Resorts in Goa and Puravankara Group from Bangalore. After completing Phase-I of the project, Elita Garden Vista, the group decided to divest 100 per cent stake to Sureka, Merlin, JB consortium.

Individually, the consortium partners have projects in Hyderabad, Chennai, Raipur and Ahmedabad.

source: http://www.thehindu.com / The Hindu / Home> Business> Industry / by Special Correspondent / Kolkata – July 03rd, 2014