The land for the project, in Hyderabad was acquired by Property & Building and Electra Real Estate in 2007 for NIS 49 million* To date, the companies completed construction on only half of the project, inter alia, due to prolonged processes of various regulatory demands on the part of the government
The 102 dunam project, located in Hyderabad, included 14 buildings for construction; the company's share amounts to approximately NIS 59 million with projected profits amount to NIS 20 million each.
Electra Real Estate and Property & Building sold today (Sunday) their rights (45% each) in a joint residential project in Hyderabad India. The residential project and land designated for development were sold at a value of NIS 134 million (approximately $34 million). The company's share amounts to approximately NIS 59 million, with a free cash flow of approximately NIS 54 million.
The company, which is controlled by the Zelkind Family, will record a profit of NIS 270 for the transaction and will reap NIS 327 million in cash flow
The Elco Group, which is controlled by the Zelkind Family, reports today another exit. The Group's foreign subsidiary, which holds 35% of a Chinese company, will sell land it owns in China for NIS 440 million. The transaction will generate a net profit for Elco of NIS 270 million and free cash flow of NIS 325 million.