Epic Research Update : Patel Engineering

Patel Engineering has reportedly formed a joint venture (JV) with Kanakia Spaces the real estate arm of Kanakia group. JV is formed in order to develop a 16-acre property in Bandra, Mumbai, owned by the company. The company will hold a majority stake in the venture. Kanakia will infuse Rs 210 crore as its own consideration. The total saleable area for the property works out to be about 7 lakh square feet. The real estate firm Kanakia will develop a mix of residential and commercial properties.

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