Delta Corp Ltd’s shares were up by 2.02 per cent after the company announced an investment of ₹99 crore in Peninsula Land Ltd (PLL), a move signalling its entry into the real estate sector. PLL will issue 1,50,00,000 equity shares and 77,27,000 CCDs to Delta at ₹44 each. The companies plan to establish a joint venture with a capital outlay of ₹250 crore, making Delta the majority stakeholder. This move aligns with Delta’s track record and promoter’s industry experience. The JV aims to undertake projects in Mumbai and Goa, emphasising Delta’s commitment to maintaining a debt-free status.
PLL, with over 22 years of real estate experience and a strong operational performance, is seen as a suitable partner for this venture.
Jaydev Mody, Chairman, Delta, stated, “Today, India’s real estate sector is poised for growth and presents attractive opportunities to businesses. The industry is consolidating as regulations increase, demand grows, and customers increasingly seek established and trusted brands. Via this strategic venture with PLL, Delta is perfectly positioned to take advantage of this new phase of growth in India’s realty space”.
The shares were up by 2.02 per cent to ₹136.65 at 2.51 pm on the BSE.