ADLF Ltd. unit andRidgewood Holdings Ltd. decided to restructure their shareholding agreement ina joint venture involved in the development of seven residential projects inthe cities of Bangalore, Chennai, Kochi and Indore in India.
Ridgewoodand DLF have invested 14.81 billion Indian rupees in the joint venture, thePress Trust of India noted.
Accordingto the report, the shareholding realignment will only concern the five undevelopedsites in the joint venture, which spans around 500 acres. As such, Ridgewoodwill take full ownership of two land parcels in Bengaluru and one in Chennai,while DLF agreed to take two land parcels in Chennai.
DLFExecutive Director for finance Saurabh Chawla was quoted by the news outlet assaying that there will be no change in the shareholding for the two remainingprojects in the partnership that are already developed.
DLF, which is also in the process of a 40% sale in its rental arm,said in a statement the deal supports the group's strategy of focusing onselect projects in micro markets.
BlackstoneGroup LP manages Ridgewood.
As of July 20, US$1 was equivalentto 67.16 Indian rupees.