Marathon Nextgen Realty will buy Adani Group's 60 per cent stake in the Mumbai project 'Monte South' for Rs 335 crore. In a regulatory filing on Saturday, the company said its Board has "approved the acquisition of Adani Group's 60 per cent stake in 'Monte South' for a consideration of approximately Rs 335 crore".
Synopsis
In a regulatory filing on Saturday, the company said its Board has "approved the acquisition of Adani Group's 60 per cent stake in 'Monte South' for a consideration of approximately Rs 335 crore".
New Delhi: Marathon Nextgen Realty Ltd will acquire Adani Group's 60 per cent stake in a mixed use project in Mumbai for Rs 335 crore, taking full control of the premium real estate asset.
In a regulatory filing on Saturday, the company said its Board has "approved the acquisition of Adani Group's 60 per cent stake in 'Monte South' for a consideration of approximately Rs 335 crore".
Upon completion of the transaction, Marathon's stake in the development will increase from 40 per cent to 100 per cent, giving it full ownership and control of the project at Byculla in Mumbai.
Monte South was the Adani Group's first premium real estate development in Mumbai, the filing said.
Since then, the Adani Group has expanded its presence in the Mumbai Metropolitan Region (MMR), taking up several larger developments.
Live Events
"As the Group increasingly focuses its resources and attention on these larger opportunities, it has decided to exit its investment in Monte South," Marathon explained.
The project 'Monte South' is a large-scale mixed-use development comprising four 64-storey residential towers and a commercial tower, together representing about 25 lakh sq ft of area.
The project includes completed residences, ongoing construction and future development across its residential and commercial components.
"The project offers significant residential sales and development potential, alongside the future monetisation of its commercial component," Marathon said.
The company noted that the acquisition reflects growth-oriented strategy and its ambition to expand the scale of its business.
Marathon said it would continue to actively pursue opportunities to strengthen its development portfolio, enter new growth avenues and create long-term value for shareholders.
Founded in 1969 by Ramniklal Zaverbhai Shah, the Marathon Group has completed over 100 projects in the city. It has developed townships, Group housing and commercial projects.
The group has ongoing projects at Lower Parel, Byculla, Mulund, and land banks at Bhandup, Thane, Dombivli and Panvel.
(You can now subscribe to our Economic Times WhatsApp channel)
(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.)
Subscribe to The Economic Times Prime and read the ET ePaper online.
...moreless
(You can now subscribe to our Economic Times WhatsApp channel)
(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.)
Subscribe to The Economic Times Prime and read the ET ePaper online.