Kalpataru Limited has withdrawn the Scheme of Arrangement for the demerger of Project Magnus from its wholly owned subsidiary, Kalpataru Properties Limited. The Executive Committee of the Board approved the withdrawal on June 2, 2026, after determining that the benefit envisaged from the scheme is no longer relevant. The company stated that this withdrawal has no financial impact on Kalpataru Limited or Kalpataru Properties Limited.

The Board of Directors had initially approved the demerger on January 22, 2024. The scheme involved the transfer of the Demerged Undertaking, specifically Project Magnus situated at Bandra East, Mumbai, from Kalpataru Properties Limited to Kalpataru Limited. The arrangement was to be executed on a going concern basis, with the Appointed Date set as April 1, 2024, subject to approval by the Hon'ble National Company Law Tribunal, Mumbai.

Following the board's approval, the scheme was filed with the Hon'ble National Company Law Tribunal, Mumbai on September 30, 2024. The proposed arrangement was structured under Sections 230 to 232 of the Companies Act, 2013. The Executive Committee utilized the authority granted by the Board to review and subsequently withdraw the filing.

Key Details of the Withdrawn Scheme

The decision to withdraw was taken during the Executive Committee meeting held on June 2, 2026, which concluded at 06:30 p.m. The information has been disseminated on the company's official website.

Kalpataru Limited has signed a large cluster redevelopment project in Kandivali East, Mumbai, with an estimated Gross Development Value (GDV) of approximately ₹1,250 crore. The project, named Ashokgram Cluster, comprises five adjacent societies in Ashok Nagar and spans approximately 2.8 acres of prime land. This development is envisaged as a residential project with high-street retail, strategically positioned within a thriving micro-market.

Project Overview

The Ashokgram Cluster project features a free sale potential of approximately 0.37 million square feet (msf) of carpet area. The development aims to offer residents excellent connectivity to major road networks and metro lines, bolstered by proximity to social infrastructure such as educational institutions and healthcare centers.

Strategic Significance

This signing reinforces Kalpataru's leadership in the Kandivali East locality, where the company has already delivered six landmark developments including Kalpataru Jharokha, Kalpataru Vatika, Kalpataru Gardens, Kalpataru Tower, Kalpataru Avenue, and Kalpataru Vienta. Mr. Parag Munot, Managing Director of Kalpataru Ltd., highlighted that the project is envisioned as a future-ready neighbourhood blending local heritage with modern amenities and sustainable urban living. This announcement follows a significant ₹1,400 crore redevelopment project in Andheri East secured earlier in March, demonstrating the company's active expansion across Mumbai's key micro-markets.