real estate, financial services, infrastructure
News Kardan 10-06-2009


KARDAN AND LOCAL PARTNER AGREE TO TERMINATE JOINT DEVELOPMENT AGREEMENT IN INDIA

 

Amsterdam, June 10, 2009 - Following the press release dated 26 November 2007, Kardan, active in Real Estate, Financial Services and (Water) Infrastructure in emerging markets, announces that its subsidiary GTC Real Estate Holding B.V. (GTC Holding) has agreed  to terminate the agreement for the development of a phased commercial and residential project in Pune, India. The development activities had not yet started. The reason for the termination is that some conditions precedent are not expected to be fulfilled.  

 

Despite the termination of this agreement GTC Holding considers India as a very promising emerging market with a significant potential to create long term value, after stabilization of the markets. GTC Holding hopes that the cooperation of the last two years will generate other joint opportunities in India in the near term.


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