INDIA BUSINESS WORLD - DECEMBER 16^th - DECEMBER 31^st - 2007

BCCL PICKS UP STAKE IN LOK HOUSING AND CONSTRUCTION

Bennett, Coleman & Co Ltd (BCCL), the publishers of The Economic Times and The Times of India, have acquired a stake in Mumbai-based realty major Lok Housing and Construction (LHCL) for an undisclosed sum, the company said. LHCL was one of the first real estate companies to be listed on the stock exchanges. The company had established the concept of creating land banks for providing affordable housing to the middle-class sections of society. Till date, the Lok Group has completed more than 18,000 houses in over 40 townships and housing complexes. LHCL holds a land bank of over 550 acres at Mumbai, Vasai, Pune and Bangalore. It's also in the process of acquiring further 500-700 acres in adjacent area.