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Ajmera joins hands with SPSL for realty developments

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Mumbai based USD 450 million Ajmera Group has confirmed its verdict to join with the Shree Precoated Steels Ltd. (SPSL) for the realty expansions and this group is involved in the business of making color coated spur steel sheets. The available sources at the www.propertykhazana.com says that the Group has planned to merge its present 8 realty ventures with Shree Precoated, the move to crease such vital ventures into its spur steel firm has planned to hike the venture value of SPSL to more than Rs. 5,334 Crores against Rs. 3,457 Crores pre-jointly.
Joining of SPSL in Ajmera Group will assist the former to come out as one of the new land developers within India with coverage to steel trade. Shree Procoated shares have observed a fall in line with the universal market trend. Specialist witness joining the realty business with listed group unit decreases the lead time for the trade to open cost. Steel maker has grabbed hand full investment from foreign players like George Soros’ Quantum Fund had made investment of Rs. 80 Crores to choose 4.17% share.
Out of 8 realty ventures with Ajmera’s the venture at Kanjurmarg is the biggest one that is merged with Shree Prrcoated. Venture is on its way under SPV names Jolly Brothers Pvt. Ltd. Group is also sketching out the plans to expand a commercial space which will mark IT Towers, hotels and an education hub and the property survey is priced to be Rs. 41 Crores. It is added by the sources at the www.propertykhazana.com that Anik Development Corporation is another housing venture under SPV which has joined with SPSL.
Source: NIMMA BENGALURU

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