Sunteck Realty Acquires 100% Stake in Shreejikrupa Hotels and Properties for INR 100 Crore

Sunteck Realty Ltd. has announced the acquisition of 100% stake in Shreejikrupa Hotels and Properties Private Limited (SHPPL) through its wholly owned subsidiary, Apricum Buildwell Private Limited (ABPL). The acquisition is for a cash consideration of INR 100 Crore and is expected to be completed in the next 4-6 months. SHPPL holds land in Andheri, Mumbai and the acquisition is for the development of a residential/commercial/mixed-use project. SHPPL is in the real estate business and is based in India, with a history of no turnover in the last 3 years. The acquisition is not a related party transaction and does not require any governmental or regulatory approvals.