Man Infra incorporates JV Parvat Ponce to execute luxury condominium project at Miami

6 Jun 2022 , 03:51 PM

Man Infraconstruction Limited informed that Parvat Ponce, LLC has been incorporated in the State of Delaware, USA as a JV Entity of MICL Global, INC (a wholly-owned subsidiary of the Company).

The above entity has been incorporated for carrying out the business of Real Estate Development and other lawful activities.

The cost of acquisition is US $5 million, to be made in due course.

MICL Global, INC holds a 50% interest in Parvat Ponce, LLC.

Further, the company stated that Parvat Ponce, LLC has executed LLC Agreement of 1505 Ponce Partners LLC in connection with the development of a luxury condominium project located in Miami, Florida, USA.

1505 Ponce Partners LLC is a JV entity of Parvat Ponce LLC. The company has paid a consideration of US $10 million, in lieu of 45% interest in 1505 Ponce Partners LLC.

Man Infraconstruction ended at Rs90.60 up by Rs0.95 or 1.06% from its previous closing of Rs89.65 on the BSE.