Rustomjee Keppel Land
Keppel Land Limited ( Keppel Land ), through its wholly-owned subsidiary, has entered into a joint venture with the Rustomjee Group , to jointly develop the 51.4-hectare Urbania integrated township in Thane. This will be the first such collaboration between a Singaporean developer and an Indian developer, for a township in the Mumbai Metropolitan Region (MMR). Keppel Land will acquire a 49% stake in the joint venture company, Kapstone Constructions Private Limited, at a consideration of about Rs 4,091 million (approximately Singapore $78.2 million). Upon completion of the acquisition, Keppel Land and Rustomjee Group will jointly develop an additional 7,400 homes and retail units, with a total gross floor area of approximately five million sq ft. The development cost for the first phase under the joint venture, which will comprise of approximately 460 residential units, is expected to be approximately Rs 4,016 million. Completion...