Deccan Chargers Sold Out

 

Kamla Landmarc Real Estate, a Mumbai-based real estate firm, has bought Indian Premier League team Deccan Chargers for an undisclosed amount.

Finally, the financially struggling IPL franchise team Deccan Chargers is sold to a Mumbai based real estate company, Kamla Landmarc. This company is owned by Ramesh Jain and is into construction business. The financial turmoil and degrading standards of Deccan Chronicle Holdings Limited has forced them to put the tam on sale from last three months. After initial disappointments, owners have decided to dispose the Hyderabad based IPL franchise after Boards of Director meeting held yesterday.

 A letter written by Deccan Chronicle Holdings Limited to National Stock Exchange and Bombay Stock Exchange mentioned, “This is to inform you that pursuant to its Meeting of the Board of Directors held on October 11, 2012, it was resolved to authorize the Board of Directors to sell, transfer/dispose off the Deccan Chargers Franchise business undertakings/business division of the Company to Kamla Landmarc Real Estate Holdings Private Limited.”