The land from BEST was awarded for planning, designing, constructing and re-modeling a fully-equipped bus depot, staff housing and constructing buildings for commercial utilisation.
The development activities will be undertaken through a special purpose vehicle under the name of Jarul Promoters & Developers Private Limited, a subsidiary of PDL.
PDL and Jarul have entered into agreements with Yatra Capital Limited and SIREF I, whereby the investors shall each hold a 15 per cent equity stake in Jarul, on a fully diluted basis.
For the purpose of acquiring this stake, investors will make an investment of Rs 186 crore, thereby valuing the project at Rs 620 crore.