Panchshil Realty has bought back stakes held by PE firms IREO and Merrill Lynch in three of its projects in Pune providing the investors returns of over Rs.800 crore. It has acquired IREO's 50% stake in two projects - EON SEZ at Kharadi and a high-end residential project at Hadapsar - for Rs. 480 crore. These transactions have been executed through its subsidiaries Eon Kharadi Infrastructure and Eon Hadapsar Infrastructure.
Panchshil has also paid Bank of America-Merrill Lynch Rs. 300 crore as exit price and Rs. 60 crore as dividend to exit from its IT park project at Yerwada in Pune. The 1.5 million sq ft IT park, in which the then Merrill Lynch had picked up a 50% stake for Rs. 205 crore, is operational.
Apart from IREO and Merrill Lynch's investments, Xander Group has invested around Rs. 500 crore in Panchshil's hospitality business, while Morgan Stanley has invested over Rs. 700 crore in the group at the entity level.
The Motor Vehicle Act of 1988 is a comprehensive Act that has replaced the Motor Vehicle Act, 1939. It was implemented on 1st July 1989. The first Act that came in force regulating the road transport More
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