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Kolte-Patil Developers has given in-principal approval to the composite scheme of amalgamation of PNP Agrotech Pvt. Ltd. and Tuscan Real Estate Pvt. Ltd., with itself.

The Pune-based real estate developer will also demerge the retail business of Kolte-Patil Properties Pvt. Ltd. and merge it with itself.

PNP Agrotech Pvt. Ltd. and Tuscan Real Estate Pvt. Ltd. are two subsidiaries of Kolte-Patil Developers.

The company expects the restructuring to result in the consolidation of business operations and further operating synergies.

While Tuscan is into real estate development, PNP Agrotech is engaged in the business of Floriculture. The entities had a turnover of Rs 3.39 crore and Rs 30 lakh respectively as of September 30, 2022.

The entity to be demerged had a turnover of Rs 1.65 crore as of September 30, 2022.

The company’s Board also approved the appointment of Khirod Chandra Jena as chief financial officer after the resignation of Gopal Laddha from the post.

Kolte-Patil Developers is a dominant player in the residential property segment in Pune. The company also has a significant presence in Mumbai and Bengaluru. The company has developed and constructed many residential complexes, integrated townships, commercial complexes, and IT Parks.

The company reported a net loss of Rs 8.79 crore compared to a net profit of Rs 17.7 crore in the same period a year ago during the September quarter. Net sales of the company also declined 59 percent year-on-year.

Shares of Kolte-Patil ended 2.6 percent lower at Rs 301.60.