Transaction Details
The Board of Directors of Marathon Nextgen Realty Limited has approved the acquisition of Adani Group's 60% stake in Monte South for a consideration of approximately ₹335 crore. Upon completion of the transaction, the Company's stake in the development will increase from 40% to 100%, giving it sole ownership and control.
Project Description
Monte South is a landmark mixed-use development in Byculla, Mumbai comprising:
- Four 64-storey residential towers (A, B, C and D)
- One commercial tower
- Total area: Approximately 25 lakh sq. ft.
Current Project Status
- Tower A: Received full Occupation Certificate (OC)
- Tower B: Received OC up to the 45th floor
- Tower C: RCC structure complete up to the 35th floor
- Tower D: Yet to be launched
Strategic Rationale
The acquisition reflects Marathon Nextgen's growth-oriented strategy and ambition to expand the scale and reach of its business. Adani Group is exiting this investment to focus resources and attention on substantially larger developments in the Mumbai Metropolitan Region.
Company Background
Marathon Group has been operating for over 57 years since 1969, founded by Ramniklal Zaverbhai Shah. The group has completed over 100 projects in Mumbai with a portfolio encompassing townships, affordable housing, luxury residential, retail, small business spaces, and corporate parks.
Current Projects and Land Bank
Ongoing projects at Lower Parel, Byculla, Mulund, and land banks at Bhandup, Thane, Dombivli and Panvel.
Leadership Team
- Chairman: Mr. Chetan Shah (Engineering from US)
- Vice-Chairman: Mr. Mayur Shah (Engineering from US)
- Third generation heads: Mr. Kaivalya Shah, Mr. Parmeet Shah, and Mr. Samyag Shah (all highly qualified with US education and real estate experience)
Disclaimer
The document contains forward-looking statements subject to risks including changes in industry structure, political and economic environment, tax laws, duties, litigation, and labour relations.