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.