Builder Prestige Estates Projects has signed an agreement to acquire 80% stake in Sterling Urban Infraprojects that holds a land parcel in Bangalore.
The Rs 3.36 billion deal is for acquisition of 80 per cent stake held by investors and its affiliates in Sterling, the company said in a regulatory filing. The acquisition is expected to be concluded by March 31.
Sterling owns around 59 acres of land at outer ring road-Sarjapour, Bangalore. Prestige is planning to develop over 6-million-sq-ft commercial complex on this land parcel.
Started in 2007, Sterling Urban Infraprojects is in the business of construction and real estate development.