Delta Corp is setting up a real estate development platform with Alpha Alternatives Fund Advisors LLP and its affiliates (AA group), and Peninsula Land Ltd.
The platform will be set up at an investment of ₹765 crore, of which AA Group, Peninsula Land and Delta Corp would contribute up to ₹450 crore (58.82 per cent), ₹225 crore (29.42 per cent) and ₹90 crore (11.76 per cent), respectively.
In a regulatory filing, Delta Corp said the platform will be the parties’ exclusive vehicle to undertake residential re-development in the Mumbai Metropolitan Region and plotted development in and around the Mumbai Metropolitan Region, Alibaug, Khopoli, Karjat and Pune.
Peninsula Land will provide development management services to the platform while Delta Corp, which will be a strategic partner, will bring its real estate expertise.
“This opportunity is part of our ongoing investments out of our internal accruals while remaining debt-free, to grow and diversify our business. Our focus, however, remains on our core businesses of gaming and allied hospitality with the majority of our capex and investments being made to expand our core business,’’ Delta Corp said.
Shares of the company on Wednesday settled at ₹119.05, which marked a fall of 0.96 per cent over the last close.
“This announcement marks a new chapter in our growth story,” Rajeev Piramal, vice-chairman and managing director of Peninsula Land, said. Peninsula Land has projects across Mumbai, Pune, Bengaluru, Lonavala, Nashik and Goa.
