Thursday, June 24, 2021
HomeUncategorizedPatel Engineering stock rises 6.35pc on JV news

Patel Engineering stock rises 6.35pc on JV news

Shares of Mumbai based Patel Engineering gained 6.35pc after reports that it has formed a joint venture with realty developer Kanakia Spaces to develop its 16 acre property in Mumbai.
The property, which is located close to Bandra Kurla Complex, will have a saleable area of 700,000 sq ft, said television reports. While Patel will hold a majority stake in the venture, Kanakia will put Rs. 210 crore as its contribution.
A mail sent to Patel did not elicit response Rashesh Kanakiya, chairman of Kanakiya Spaces declined to comment on the matter.
A mix of residential and commercial properties are expected to come up on the property.

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