DS Kulkarni Developers - term sheet with GTC Real Estate NV

DS Kulkarni Developers Ltd has informed that the Company has executed a Term Sheet with GTC Real Estate NV of Netherlands ("GTC") for Joint Development of 250 Acre Multi Services SEZ at Pune.

The said project is proposed to be developed in SPV Company to be equally owned by the Company and GTC. GTC shall invest approx. USD 96 million into this project in a phased manner.

The said Term Sheet is subject to the approval of the Board of Directors of the Company and of GTC.