SSI to merge with PVP Ventures

Chennai-based SSI merged with PVP Ventures, which is promoted by entrepreneur Prasad V Potluri. SSI board recently approved the formal merger proposal. Shareholders will get five shares of SSI for every share of PVP Ventures they hold. The share-swap ratio was recommended by PriceWaterHouse Coopers. Once all formal approvals are in place for the merger, SSI will be renamed as PVP Ventures.

After the merger with SSI and renaming it as PVP Ventures, it will become an urban infrastructure company and will focus on realty, infrastructure and energy verticals, SSI Chairman & Managing Director, Mr Potluri told. According to him, PVP Ventures will be a development enable. We realise the challenge will be in execution of large projects and are now in the process of getting the finest talent for the same, Mr Potluri explained.

PVP Ventures, according to sources, has been shortlisted for some large infrastructure projects in Hyderabad. Besides, PVP is close to finalising a large residential township development over 1,300 acres in Hyderabad, Shamshabad region with Unitech. SSI is also about finalise its 55:45 JV with Unitech and Arihant Foundations for the 70-acre Binny property near Perambur. PVP Ventures has a 62% stake in SSI, which includes acquisition of 42% equity held by the Kalpathi brothers Aghoram, Ganesh and Suresh, as well as 20% acquired from the public through an open offer in October. The Kalpathis continue to hold 29% stake in SSI, while QIBs and others hold the rest.

PVP Ventures pumped in around Rs 750-800 crore for the stake. Besides the Binny property, SSI also owns prime property, including an IT Park, developed over 100 grounds (1 ground = 2,400 sq ft), at Vadapalani in west Chennai, as well as the Dasaprakash Hotel property in Ooty. Sources say all existing loans of PVP Ventures is being converted into equity. This will make it a debt-free company, after the merger. The move will result in a huge scaleable opportunity on the infrastructure front for the merged entity that will also be cash rich.

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