PLL, a prominent real estate developer, with over 22 years of experience in real estate, 19 successfully executed projects and having 2 under-construction projects and with a pipeline of projects under consideration is a perfect option for a Joint Venture. PLL’s strong operational performance in the last five years saw it reduce its debt by over 90%.

Peninsula Land will issue 1,50,00,000 equity shares and 77,27,000 CCDs at Rs 44. Furthermore, a joint venture is envisaged to be established between Delta & PLL with a capital outlay of Rs 250 crore where Delta will be a majority stakeholder. This JV will help Delta expand into the sector.

Delta, being the majority stakeholder, through its JV proposes to execute projects mainly in Mumbai and Goa and will continue with its philosophy of running a debt free company.

Jaydev Mody, chairman, Delta, stated “The industry is consolidating as regulations increase, demand grows, and customers increasingly seek established and trusted brands. This strategic venture with PLL, Delta is perfectly positioned to take advantage of this new phase of growth in India’s realty space”.

Rajeev Piramal, vice chairman and managing director of PLL stated, "Over the past few years, Peninsula Land has executed a clear strategic vision to execute projects and reduce debt. We have demonstrated our commitment to stakeholders and customers. I am thrilled to announce a new phase of growth with Delta that will allow us to unlock the immense value that exists in the real estate sector today”.

Delta Corp is the only listed company engaged in the casino (live, electronic and online) gaming industry in India. The company is engaged in diversified segments like casino gaming, online gaming, hospitality and real estate.

The company’s consolidated net profit increased 1.7% to Rs 69.44 crore in Q2 FY24 as compared with Rs 68.25 crore in Q2 FY23. Net sales stood at Rs 270.59 crore in Q2 FY24, rose marginally from Rs 269.97 crore in Q2 FY23.