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Keppel Corporation terminates joint venture with Emerald Haven Realty to develop residential project in India

·1-min read

At the time, Keppel Land acquired a 49% stake in the joint venture company at a total consideration of INR 772 million

Orizona, Emerald Haven Realty (TVS Emerald), Emerald Haven Life Spaces (Radial Road) and Broadcom PCC have entered into an agreement to terminate the share purchase agreement in relation to the acquisition of sale shares and the joint venture agreement in relation to the subscription and allocation of compulsorily convertible debentures (CCDs).

On August 31, 2020, Keppel Land’s wholly-owned subsidiary, Orizona had formed a joint venture with Emerald Haven Realty (TVS Emerald) to develop a residential project in South Chennai, India.

At the time, Keppel Land acquired a 49% stake in the joint venture company at a total consideration of INR 772 million ($14.1 million).

The total development cost is expected to be about INR 5.4 billion with Keppel Land’s share estimated to be about INR 2.6 billion. The completion of the acquisition was expected to take place in the first half of 2021.

According to a statement released by Keppel on June 30, Orizona had not made any payment for the acquisition under the share purchase agreement or for the subscription and allocation of CCDs under the joint venture agreement.

The parties shall have no further liability to each other with effect from June 30.

Shares in Keppel Corporation are trading at 3 cents down or 0.46% lower at $6.49 on June 30.

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