Eredene Capital has signed an indicative term sheet to sell its stakes in Gopi Resorts Pvt Ltd and Matheran Realty Pvt Ltd. It is selling its stake for a single up-front payment of £7.2 Mn (R62.5 Cr) in both the firms, BL stated.

Eredene had earlier announced that it would not make investments in new projects in India and that it would seek to realise its present investments.

In 2008, it invested R131 Cr in a SPV Matheran Realty (MRPL) for developing low-cost houses at Karjat in Thane district for 45% stake which was raised to 87% after it won the shareholder dispute case (3rd July 2012) and bought the 42% stake from Alibante Development Ltd.

Eredene Capital owns 32.25% stake in Gopi Resorts Pvt. Ltd. - a subsidiary of Matheran Realty which owns and is the development vehicle of the first 100 acres to be developed at Karjat Central.
Its total investment in both the firms comes to GBP 15.3 Mn

Matheran Realty Private Limited operates as a real estate development company with focus on building affordable housing in India. It was incorporated in 2006 and is headquartered in Mumbai.

Eredene Capital PLC is a AIM quoted investor in infrastructure projects in India. It focuses primarily on ports, port services, logistics and transportation.

The Eredene Group has made investments of £44.6m in eleven projects in India - nine in ports and port services, logistics and distribution warehouses, one in an IT office and one in a large-scale, affordable housing development.

This January, it sold 10% of its stake in Chennai Based Sattva CFS And Logistics Private Limited for $1.72Mn to the promoters.

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April 09, 2013 06:54 PM

Matheran Resorts was a wonderful place to stay in Matheran.Mather an Resort is very nice place to relax, refresh and rejuvinate. Lovely ambience, very nice buffet meal and supportive staff.Ii will visit matheran again and again for this place. At weekends there is juggling show, magic show, dj nights etc. - Posted by matheranonline

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