Real estate firm DS Kulkarni Developers Ltd (DSKDL) has entered into an agreement with Kardan Group firm, GTC Cyprus, for jointly developing a 250 acres Multi-Service SEZ Project in Pune through a 50:50 joint venture (JV).

Under the deal, GTC would invest up to US$90 million against their stake in the JV in a phased manner.

While, any further equity contribution will be made by DSKDL and GTC in their respective shareholding proportion.

The total built-up area of the SEZ is estimated to be over 15 million sq. ft. and the total investment in the project is estimated to be around US$ 1 billion.

GTC Cyprus is a part of Netherlands-based Kardan Group, which is engaged in developing real estate projects in Western Eastern Europe, Central Europe and China.

The stock of DS Kulkarni Developers closed today at Rs 95 on BSE, up 5% compared with previous close of Rs 90. It touched an intraday high and low of Rs 97 and Rs 87 respectively.