The National Company Law Tribunal (NCLT) has approved the scheme of amalgamation and arrangement between Mumbai-based realty firm JP Infra (Mumbai) and its affiliated entities Four D Estates, Four D Buildspace and JP Infra Realty. Of these entities, Four D Estates, through its wholly-owned subsidiary JP Infra (Mumbai), is engaged in the business of redevelopment projects whereas JP Infra Realty is operating in the construction of projects in greenfield undertaking with acquisition of land and construction of housing projects thereon.
Demerger of the greenfield project undertaking from JP Infra (Mumbai) into Four D Estates is expected to enable carving out of a sole greenfield project undertaking from JP Infra (Mumbai). This will enable JP Infra (Mumbai) to focus on its core expertise of handling brownfield projects involving redevelopment and rehabilitation, the company said in its petition.
https://economictimes.indiatimes.com/industry/services/property-/-cstruction/nclt-approves-amalgamation-arrangement-between-jp-infra-mumbai-entities/articleshow/106646082.cms?from=mdr
Source: The Economic Times
