New Delhi: Mumbai-based Ajmera Realty & Infra India Ltd (ARIIL) has demerged from itself Radha Raman Dev Ventures Pvt Ltd (RRDVPL).
RRDVPL will now undertake the commercial project which was being developed by ARIIL on 6.5 acre land parcel in Wadala in Mumbai.
The move will “result in focused approach to exploit the growth potential of the project. It will also help in providing flexibility to attract fresh set of investors/ strategic partners to participate in the project.” ARIIL said in a regulatory filing.
The move is also expected to help ARILL in inviting and getting suitable investors for each of its projects.
This decision will not result in any change in shareholding pattern of ARIIL or RRDVPL.
The management has decided not to list the shares of RRDVPL on stock exchanges as of now. RRDVPL has now become a wholly owned subsidiary of ARIIL.