Keppel Land acquires stake in the joint venture company

Keppel Land, through its wholly owned subsidiary, has entered into a joint venture with leading Indian developer Rustomjee Group to jointly develop the 51.4-hectare Urbania integrated township located in Thane, a mature and well-connected district within the Mumbai metropolitan region.

This is the first such collaboration between a Singaporean developer and an Indian developer for a township in the Mumbai metropolitan region, which is among India's fastest-growing regions. Since its launch in 2006, the Urbania township has housed 2,700 residential units amid comprehensive amenities.

Keppel Land will be acquiring a 49 percent stake in the joint venture company, Kapstone Constructions Private Ltd., at a consideration of about INR 4,091 million (approximately S$78.2 million/$57.6 million).

Upon completion of the acquisition, Keppel Land and Rustomjee Group will jointly develop an addition of about 7,400 homes and retail units with a total gross floor area of approx