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Patel Engineering stock rises 6.35% on JV news

There are reports that it has formed a JV with realty developer Kanakia Spaces to develop its 16 acre property in Mumbai

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BS Reporter Mumbai
Last Updated : Apr 04 2014 | 4:38 PM IST

Shares of Mumbai based Patel Engineering gained 6.35% today 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.

Patel Engineering stock closed the day at Rs 66.15 today.

 

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First Published: Apr 04 2014 | 4:32 PM IST

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