October 2008
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IL&FS fund buys 30% in JB Pharma SEZ

IL&FS Realty Fund, a private equity fund managed by Infrastructure Leasing and Financial Services (IL&FS), has picked up 30% stake in JB Pharma SEZ for $15 million (Rs 75 crore). Two nationalised banks — State Bank of India (SBI) and State Bank of Mysore — have financed the Rs 84 crore debt to the special economic zone (SEZ) project. JB Pharma SEZ has been formed to set up a pharma SEZ. It’s jointly promoted by the real estate firm HBS Realtors and JB Mody family — the promoters of JB Chemicals and Pharmaceuticals — at Panoli in Gujarat. Consulting firm Ernst & Young (E&Y) was the advisor to JB SEZ’s fund raising. The total cost of the project is estimated at around Rs 160 crore. Confirming the development, Sandeep Shah, managing director, HBS Realtors, said, “The promoters have diluted 30% equity stake in the SEZ project to IL&FS Reality. Post-dilution, the promoters will hold 35% stake each in the project.” […]

DS Kulkarni to acquire 51% stake in DSK Global Education

Pune-headquartered DS Kulkarni Developers has notified that the board of directors of the company at its meeting has decided to pick 51% stake in DSK Global Education & Research. With the acquisition of shares, DSK Global Education & Research will become a subsidiary of the company. D.S. Kulkarni Developers Limited engages in the civil construction and real estate development primarily in India. It operates principally in Pune and Mumbai cities of Maharashtra state.(Top News) […]