Puravankara Projects Ltd Signs MOU With CMC
- Commits to develop the Doddaballapura-Yeshwanthpura road under PPP Model-

Bangalore, June 12, 2006 - Puravankara Projects Ltd, one of the leading developers in South India, has signed a Memorandum of Understanding (MOU) with the City Municipal Council (CMC), Yelahanka in an effort to develop the double road connecting the Doddaballapura road to Yeshwanthpura road via Attur. Further, the Company will also contribute Rs. 50 lakhs towards the development of the existing carriageway of Airport Road from HAL to Kundalahalli, which is being undertaken by the Bangalore Development Authority (BDA).

These initiatives are in pursuance of the Public Private Participation (PPP) scheme launched by the Government of Karnataka - Urban Development Department (UDD) to improve the City’s infrastructure.

In accordance with this MoU with CMC, Yelahanka, Puravankara Projects will develop and maintain a stretch of 1.125 kms at an estimated cost of Rs. 25 lakhs. The work on the project will commence immediately and is expected to be completed in the next 90 days.

Mr. Ravi Puravankara, Chairman, Puravankara Projects Ltd., said, "The PPP model is a commendable initiative by the government, and we believe in its effectiveness in contributing to the City’s infrastructural development. As responsible corporate citizens, we are of the opinion that such initiatives must be supported, thereby ensuring their success”