Highlights
| Amount invested to 30 September 2011 |
£12.7m |
| Ownership stake at 30 September 2011 |
- 63% - Matheran Realty Pvt Ltd – total of direct & indirect stakes
- 32% - Gopi Resorts Pvt Ltd (MRPL subsidiary) – direct stake
|
| Sector |
Urban development |
| Location |
Mumbai region, Maharashtra, West India |
| Progress to date |
Construction and taking sales deposits |
Summary
Eredene has an investment in Matheran Realty and Gopi Resorts' low-cost housing development at Tanaji Malusare City near Mumbai where some 3,600 units have been sold.
The Company Law Board in Mumbai ruled in favour of Matheran Realty in October 2011 in a long-running and previously disclosed shareholder dispute with another Matheran Realty shareholder. The judgement rejected all claims by the other party, but the decision may be appealed. The final outcome of a London Tribunal hearing is still to be determined.