Prestige Estates enters JV with WS Industries; stock jumps ~3%

6 Jul 2023 , 12:38 PM

Prestige Exora Business Parks Limited, a subsidiary of Prestige Estates, entered into a Joint Venture agreement with W.S. Industries (India) Limited on July 5, 2023, for the development of IT/IT-enabled services/parks on 6.53 acres of immovable property in Chennai.

W.S. Industries (India) Limited intends to carry out the project via its subsidiary WS Insulators Private Limited. The agreement’s execution is contingent on the completion of technical and legal due diligence, the satisfaction of conditions precedent, and the receipt of all necessary approvals.

At around 12.33 PM, Prestige Estates was trading 2.44% higher at Rs 591.20, against the previous close of Rs 577.10 on NSE. The counter touched an intraday high of Rs 598.60.

Recently, Prestige Estate also announced that it is planning a $195 million housing project in Noida, to be launched this year.

For many years, Prestige has concentrated its efforts in Bengaluru and a few other southern Indian cities, developing over 280 residential, commercial, retail, and hospitality projects. Last year, it debuted its first residential project in Mumbai.

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