Larsen & Toubro (L&T) Realty sells 51 per cent of its township project in Chennai to an investment firm Pragnya Group. The deal is closed for the final amount of Rs 190 crore.
The 92-acre residential township project is located at Siruseri in Chennai. The project’s development is in progress under the ownership of L&T South City Projects of which L&T Realty owns 51 per cent stake. The given reason for this deal is the limited scalability of the business in the company.
Pragnya Group focuses mainly on fund management, property development and asset management with its presence in India, Sri Lanka and Africa. The company has been investing in all these market for almost 14 years now.
“L&T Realty Ltd, a wholly-owned subsidiary of Larsen & Tourbo Ltd, has executed a share purchase agreement for selling its entire stake in L&T South City Projects Pvt Ltd to Pragnya group,” says L&T Realty.
Source: ET Realty