Chennai Township Project Of L&T Realty Offers Its 51% Stake For Rs. 190 Crore
Pragnya Group, an investment firm is buying 51% stake of Chennai township project which is owned by L&T's arm, L&T Realty.
"L&T Realty Ltd, a wholly-owned subsidiary of Larsen & Tourbo Ltd, has executed a share purchase agreement to sell its entire stake in L&T South City Projects Pvt Ltd to Pragnya group," the construction firm notified in the BSE filing.
The L&T South City Projects Pvt Ltd is engaged in developing a 92-acre residential township at Siruseri, Chennai. L&T Realty clearly owns 51 % stake in L&T South City Projects Pvt Ltd.
On the rationale for sale, L&T said,"The realty arm is working within its capabilities". Pragnya group is an investment firm with a specific focus on fund management, property development and asset management.
The group currently has presence in India, Sri Lanka and Africa and has been doing investments for more than a decade in these countries.
The group has been involved with L&T South City Projects Pvt Ltd and the development of the 92-acre residential township in Chennai since its inception.
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