/ -- Keppel Land Limited (Keppel Land), through its wholly-owned subsidiary, has entered into a joint venture with leading Indian developer, Rustomjee Group, to jointly develop the 51.4-hectare Urbania integrated township located in Thane, a mature and well-connected district within the Mumbai Metropolitan Region, India.
This is the first such collaboration between a Singaporean developer and an Indian developer for a township in the Mumbai Metropolitan Region, which is among India's fastest-growing regions. Since its launch in 2006, the Urbania township has housed 2,700 residential units amid comprehensive amenities.
Keppel Land will be acquiring a 49% stake in the joint venture company, Kapstone Constructions Private Limited, at a consideration of about INR 4,091 million (approximately S$78.2 million[1]).
Mr Boman Irani, Chairman of the Rustomjee Group, said, "In our endeavour to continue serving the growing housing and commercial developments of the Mumbai Metropolitan Region, we are pleased to partner with Keppel Land, an established premier developer from Singapore with a legacy of over a hundred years and with an international experience in key Asian markets. Our interactions with the Keppel Land team has been a great experience of sharing and learning. We are confident that this joint venture will be a win-win partnership. This is a beginning of two large developers coming together to build a strong partnership in the Mumbai Metropolitian Region market and we look forward to great growth together."
"We will leverage the Rustomjee Group's extensive network and deep knowledge of the local property market, as well as Keppel Land's international experience and strong execution capabilities to develop a highly liveable and vibrant township."
About Keppel Land Limited
About Rustomjee Group