Real estate firm Parsvnath Developers Ltd has sold 30 percent stake in a Mumbai project to foreign funds for 1.86 bilion rupees, the company said in a statement on Thursday.
Parsvnath will sell 15 percent stake each in the Kurla bus depot redevelopment project to Euronext-listed Yatra Capital and recently-launched Saffron India Real Estate Fund-I. Both are promoted by U.K.-based fund manager Saffron Asset Advisors.
Yatra and Saffron have picked up the stake at land-value basis. They will also proportionately fund all future development and construction activities for the project, Parsvnath said.(Reuters)