Future Capital Sells Myra Mall Management Company to Providence Academy
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MUMBAI: Future Capital has announced the sale of its wholly-owned subsidiary Myra Mall Management Company to Jaydev ModyownedProvidence instructional Academy. in a very statement to BSE, Future Capital said that the purchaser has acquired all the assets and liabilities of Myra Mall for an enterprise price of Rs 98 crore.
The sale comes amidst reports that the govt has deferred the clearance of Warburg Pincus' purchase of Future Capital, saying the Indian finance company should 1st hive off its wholly-owned land subsidiary.
ET had reported on Tuesday that FIPB had told Future Capital that it cannot induct an overseas investor within the holding company if it continues to possess a downstream arm engaged in land activity. Indian rules don't allow foreign investment in land. However, foreign investors will invest in construction comes subject to strict riders.
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