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Real estate company DLF and Ridgewood Holdings Ltd have realigned current shareholding arrangement in their joint venture companies, DLF informed the BSE on Wednesday.
"Further to the press release dated November 19, 2007, whereby as a part of strategic objectives, the company through its wholly-owned subsidiary DLF Home Developers Ltd entered into joint venture agreements with Ridgewood Holdings Ltd which term shall include its affiliates who acquired shares in accordance with the terms of the definitive documents) for development of seven residential projects in the cities of Bangalore, Chennai, Kochi and Indore," it said.
DLF added that given the current strategy coupled with market conditions, it is currently focused on select projects in certain micro markets.
"Accordingly, it has been jointly decided by DLF and the Investor to realign the current shareholding arrangement in the joint venture companies in order to maintain continued focus of future development of various projects," the statement added.
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