Keppel completes investment in Mumbai township JV

KEPPEL Corp's wholly-owned subsidiary Lipalton has completed its investment into Kapstone Constructions, and now holds 49 per cent of the latter's total voting rights.

Kapstone is Lipalton's joint venture (JV) with Indian developer Rustomjee Group, to develop the 51.4 hectare Urbania integrated township in the Thane district of Mumbai.

In an exchange filing at 12am on Thursday, Keppel said Lipalton has subscribed for 10 compulsorily convertible preference shares (CCPS) for 2,544 rupees (S$47.20), Series I compulsorily convertible debentures (CCDs) for about 1.22 billion rupees subject to post-completion adjustments, and Series II-C CCDs for around 2.79 billion rupees.

Keppel had announced last December that after the 49 per cent stake purchase is completed, it will jointly develop with Rustomjee about 7,400 homes and retail units with a total gross floor area of about five million square feet in the Urbania township.

The development cost for the first phase, which will comprise some 460 residential units, was expected to be around 4.02 billion rupees, Keppel said in its Dec 15 filing.