Kolte Patil to get Rs 2.06 bn cash infusion from Marubeni Corp

Pune-based Kolte Patil Developers (KPDL) has raised Rs 2.06 billion from Marubeni Corporation, Japan, for its upcoming residential project in Pune’s Pimple Nilakh micro market. Under the agreement, Marubeni Corporation will be entitled to 2.85 lakh sq ft of saleable area. KPDL will receive this amount in a single tranche, providing further liquidity to the company to invest in business development. “This investment will help fast-track our business development goals. We believe that this association with a leading global organisation of repute once again highlights our organising capabilities and governance standards,” said Yash Patil, joint managing director of KPDL. The Pimple-Nilakh residential project, one of the priority launches in Kolte-Patil’s premium luxury segment portfolio, has a total development potential of around 8 lakh sq ft. “We believe Kolte-Patil’s strong ability to understand and execute on projects and their reputation built over decades of successful customer engagement will help us to consolidate our presence in the Indian real estate market. We look forward to this association to jointly create home spaces that improve the liveability quotient for a large number of people in India,” said Noritake Miyaguchi, general manager, Overseas Real Estate Business Dept, Marubeni Corporation. Kolte Patil has developed and constructed over 50 projects including residential complexes, integrated townships, commercial complexes and IT Parks covering a saleable area of around 23 million sq ft in Pune, Mumbai and Bengaluru. See also: Three bidders vying for Mumbai’s Dharavi slum redevelopmentSmartworld Developers expect sales worth Rs 2.5 bn from retail project