Tag: Kanakia Group

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Kanakia, Hines, Mitsubishi Estate & Sumitomo Corporation’s JV to develop office space in Mumbai

NEW DELHI: Kanakia Group has entered into a joint venture with Hines, Mitsubishi Estate Co (MEC) and Sumitomo Corporation to develop a commercial project in Bandra Kurla Complex (BKC), Mumbai. Under the partnership, Kanakia Group is the land partner while Hines, MEC, and Sumitomo are institutional investors and development partners. The office space spread across three-acre land parcel and will offer 1.5 million sq ft. The project is being designed by Kohn Pedersen Fox (KPF). The company is transitioning towards an asset-light model which has led to reduction its debt to below ₹1,000 crore. Currently, Kanakia has over 8.6 million…

Industry

Kanakia Group seeks NLCT nod to demerge real estate arm

Mumbai-based Kanakia Group plans to demerge its real estate division from other businesses as part of a broader streamlining exercise it believes will help attract investors. Doing so would also provide more flexibility in accessing capital for each of the businesses, lawyers involved said. The group has approached the Mumbai bench of the National Company Law Tribunal (NCLT) to seek approval for the demerger of Kanakia Spaces Realty Pvt Ltd and Transparent Developers Pvt Ltd. This restructuring is aimed at segregating the group’s real estate activities from its other ventures. The companies, through their legal counsel, have told the NCLT…