MUMBAI: Supriya Sule, MP and daughter of Nationalist Congress Party chief Sharad Pawar, has increased her stake in a subsidiary owned by Panchshil Realty that has shot in limelight for its impending acquisition of iconic Express Towers in South Mumbai along with US private equity firm Blackstone Group.
Sule and her husband Sadanand Sule owned 4% each Panchshil Techpark until 2011. However, the company's latest filing show that her stake has more than doubled to 9.09%, while it does not name Sadanand Sule as a shareholder at all. Email queries to both Panchshil Group and Supriya Sule remained unanswered until going to press.
Panchshil Tech Park is one of the special purpose vehicles of Panchil Realty and is being controlled through holding company Premsagar Infra Realty. The holding company's stake in Panchshil Tech Park stood at 54.55%, while directors and relatives of directors from promoter Chordia family hold 36.37% stake as on March 2013.
Panchshil Realty and Blackstone Group are close to acquiring Express Towers at Mumbai's central business district Nariman Point for around 900 crore.
In April 2011, Atul Chordia, chairman of Panchshil Techpark, had admitted that Sule and her husband held 4% each in the company.
On Wednesday, Chordia told ET that Sule does not hold stake in any other company of the group and has no connection with the company's proposed buy of Express Tower in South Mumbai's Nariman Point. Sule's stake in Panchshil had earlier been highlighted by opposition parties in 2011.
Pune-based Panchshil Realty, the flagship company of the Chordias, commenced its operations in 2002 and has so far delivered over 14.5 million sq ft of real estate.