Aggressive realtor ‘buys’ Deccan Chargers
The twin landmarks should ideally have come as the crowning glory for the 34-year-old businessman who has over the last five years spearheaded the aggressive growth and diversification of a venture his father launched in 1974. However, a late evening order by the arbitrator appointed by the Bombay High Court in the Deccan Chargers case fuelled uncertainty over Kamla Landmarc’s purchase, believed to be worth around Rs 1,250 crore.
Earlier in the day, Hyderabad-based media group Deccan Chronicle had announced that it was selling Deccan Chargers to Kamla Landmarc. According to the terms set by the Bombay High Court, the media firm was supposed to provide a bank guarantee of Rs 100 crore to BCCI before 5 pm Friday to stop the cricket board’s franchise termination order from coming into force. With the payment not coming through, the termination took effect until the arbitrator stayed it until October 17.
Those who have known and watched Jain grow did not seem surprised by his ambition or expansion. Jain operates from his office near Santacruz airport in Mumbai and his company has a turnover of about Rs 500 crore, with some 30 real estate projects under its belt.
Be the first to comment.