October 2010
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Red Fort Capital acquired 24.50% stake in FDPL

Parsvnath Developers Limited (PDL), India’s leading integrated infrastructure developer with a pan-India presence and a diversified portfolio, has partnered with Red Fort Capital to develop “Red Fort Parsvnath Towers”, a modern, state-of-the-art commercial office complex located in the heart of New Delhi’s Connaught Place on Bhai Veer Singh Marg. PDL has executed a concession agreement with Delhi Metro Rail Corporation (DMRC) to deliver the project on a BOT basis for a consideration of Rs. 995mn. PDL has partnered with Red Ford Capital, a leading international private equity real estate firm, to jointly develop the landmark Grade A commercial office complex according to international standards. The entities controlled by Red Fort Capital have acquired 24.50% equity stake in FDPL by inducting Rs1200mn as foreign direct investment. “Red Fort Parsvnath Towers” shall offer end-users world class design, modern floor plates and compelling value. Located on a 5-acre parcel adjacent to the five-star Metropolitan Hotel, the project has a leasable area of approximately 300,000 sq. ft., approx. 800 basement parking spaces and a wide array of mixed-use facilities and amenities. […]

Sun Tyre & Wheel Buys Watts Lanka Factory

Sun Tyre & Wheel Systems, part of the $6 billion TVS Group of India, has completed the acquisition of Watts Lanka Private Limited, the firm’s solid industrial tyres manufacturing company in Colombo, Sri Lanka. No details of how much was paid for the company or of the extent of the new owner’s expansion plans have been released. Announcing the news Sun Tyre & Wheel Systems said it is “dedicated to serving the world’s material handling industry with a wide range of tyre and wheel solutions covering most applications and operating environments.” Watts Lanka Private Limited (which will be renamed shortly) was a joint venture between Watts Tyres Limited of the UK and KVK Invest JSC of Bulgaria, principal shareholder in Balkancar Zarya PLC. One insider told Tyres & Accessories that, as the sale relates to a purchase prior to Watts’ recent buyout, this had been considered as an option for some time. Sun Tyre & Wheel Systems reports that 95 per cent of its sales overseas are exports with distribution across all continents. Despite expanding its manufacturing facilities in India substantially over the past three years, the firm reports that it still “finds itself seriously short of capacity.” Even during the global recession, the company is said to have recorded a healthy growth rate of 40 per cent. […]