The media had reports that Kolte - Patil Developers Limited is planning to invest Rs. 3650 crores to develop large scale residential and integrated township projects, an IT SEZ project in Pune and venture into overseas market in 2008.
The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.
Kolte - Patil Developers Limited has vide its letter inter-alia stated, "The projects for which the company is planning to invest Rs. 3650 crores as reported by the media, to develop large scale residential and integrated township projects, IT SEZ (its part of integrated township) in Pune, were disclosed as land banks in the RHP. There are no new projects or new plans disclosed. These are part of integrated township and Joint venture projects with ICICI Venture and K2 Properties. Further, this investment of Rs. 3650 crores will be spent as project cost over a period of 7-9 years." -- www.nseindia.com
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
