D S Kulkarni Developers Ltd Company Summary

D.S. Kulkarni Developers Ltd is engaged in real estate development, and construction of residential and commercial tenements. The company has three segments, namely real estate development, education and contracting. The company has five subsidiary companies. Two subsidiaries are operating in the USA, one of which is a wholly owned subsidiary and other is a step-down subsidiary viz. DSK Developers Corporation and DSK Woods, LLC respectively. The other subsidiaries are DSK Global Education & Research Pvt Ltd DSK SEZ Projects (Pune) Pvt Ltd. and DSK Southern Projects Pvt Ltd.D.S. Kulkarni Developers Ltd was incorporated on September 20, 1991 as a public limited company. The company promoted by D.S. Kulkarni and his associates. In April 1993, the company made a Public Issue and offered to public 36,00,000 equity shares of Rs 10 each for cash at par aggregating to Rs 3.60 crore. In the year 1992, the company completed some projects, namely Suryaloknagari Residential & Commercial, Pune, Gurudatta Sahawas Residential & Commercial, Pune and Dnyaneshwar Nagari Residential, Pune. Also, they completed Hariyali Apartments Residential, Pune in the year 1993, Vasundhara Residential, Pune in the year 1994 and Durganagari Residential Plots, Pune in the year 1995.In the year 2000, the company completed the projects namely DSK Nikhil Residential, Pune, DSK Nishigandh Residential, Pune, DSK Vasant-Vaibhav Residential, Pune and DSK Sanjivani Residential, Pune. Also, they completed Akashganga Residential, Pune in the year 2003 and DSK Vishwa Ph-III Residential & Commercial, Pune in the year 2004. In the year 2005, the company completed Senorita Row Houses, Pune, Shrushti Bungalow Plots, Pune and Indradhanu Bungalow Plots, Pune.During the year 2006-07, the company has incorporated a subsidiary company named DSK Developers Corporation in the State of Delaware in United States of America. DSKDC in turn, incorporated a subsidiary company of its own named DSK Woods LLC in the state of New Jersy. During the year 2007-08, Oyster Promoters & Developers Pvt Ltd was amalgamated with the company. Also, the company entered into a 50:50 joint venture with ICICI Prudential Asset Management Company Ltd, ICICI Prudential PMS Real Estate Portfolio (ICICI Pro PMS) and formed a joint venture company with the name DSK Southern Projects Pvt Ltd.During the year, the company entered into a joint venture agreement with GTC Cyprus, a Kardan Group Company as a co-developer for the development of the aforesaid SEZ at Fursungi Pune. But the said joint venture agreement was annulled and terminated with effect from June 10, 2009.During the year 2008-09, the company received final approval from the Special Economic Zones Board of Approvals (SEZ BOA) to develop a Multi Service Special Economic Zone of 250 acres of Fursungi, Pune, Maharashtra. The company acquired 51% shares of DSK Global Education & Research Pvt Ltd, thereby making it a subsidiary of the company. Also, they acquired 100% shares of DSK SEZ Projects (Pune) Pvt Ltd, thereby making it a wholly owned subsidiary of the company. DSK SEZ is incorporated in India as a SPV company for development of a Special Economic Zone at Pune. During the year 2009-10, the company entered into redemption and share sale agreement for providing an exit route to ICICI Prudential Asset Management Company Ltd, ICICI Prudential PMS Real Estate Portfolio (ICICI Pru PMS) from joint venture company named, DSK Southern Projects Pvt Ltd. This project will now be executed in association with NuMart Developers Pvt Ltd, a Sushil Mantri Group company. Thus, DSK Southern Projects Pvt Ltd became a subsidiary company by virtue of the company controlling the composition of its board of directors.As of March 31, 2010, the companys projects under development included DSK Garden Enclave, DSK Vishwa-IV-Saptasur, DSK Sundarban Phase-II, DSK Madhuban, DSK Vishwa-Villa, DSK Vishwa-Sayantara Phase II, DSK Vishwa-Designer Bungalows, DSK Vishwa -IT Park, DSK Meghamalhar, Integrated Township and DSK Hariyali. The company has two properties in Bangalore, one of which was to be developed under a joint venture company DSK Southern Projects Pvt Ltd. These two properties have been given to NuMart Developers Pvt Ltd, a Mantri Group Company for the joint development. Both these projects will be launched in the nearest future. The company proposes to develop an Integrated Township at a large stretch of land acquired by them near Manjari, Pune. The company decides to disinvest whole of the shareholding that is (46%) held in DSK Tricone Infrastructure & Construction Ltd (DSK Tricone). Consequently, the joint venture will be terminated in due course.