HYDERABAD: Hinduja group firm GOCL Company Restricted (GOCL) has entered right into a joint growth MoU with Squarespace Builders Personal Restricted for strategic monetisation of 264.50 acres of prime land in Kukatpally for Ra 3402 crore.
The settlement with Squarespace Builders additionally contains the joint growth of 32 acres of land underneath a Joint Improvement Settlement (JDA), in collaboration with Hinduja Estates Personal Restricted, now generally known as Hinduja Healthcare Restricted (HHL), GOCL mentioned on Wednesday.
The corporate mentioned the method will get accomplished over an 18-month interval in fastidiously deliberate tranches, contingent upon the fulfilment of any related covenants.
The corporate has commenced the fast sale of 12.50 acres of land from the beforehand talked about 32 acres underneath the JDA.
As the primary tranche, the corporate will obtain a cost of INR 520 crore, of which Rs 160 crore would be the consideration for the sale of 12.50 acres, it mentioned in a regulatory submitting.
The remaining funds can be disbursed to the corporate in phases via subsequent transactions sooner or later, it added.
GOCL and its subsidiaries provide different vary of merchandise in energetics and industrial explosives. It develops particular merchandise for defence & house sector and specialises in steel cladding options utilizing explosives.
GOCL has just lately forayed into electronics and can be growing giant actual property initiatives in Bengaluru & Hyderabad.
The settlement with Squarespace Builders additionally contains the joint growth of 32 acres of land underneath a Joint Improvement Settlement (JDA), in collaboration with Hinduja Estates Personal Restricted, now generally known as Hinduja Healthcare Restricted (HHL), GOCL mentioned on Wednesday.
The corporate mentioned the method will get accomplished over an 18-month interval in fastidiously deliberate tranches, contingent upon the fulfilment of any related covenants.
The corporate has commenced the fast sale of 12.50 acres of land from the beforehand talked about 32 acres underneath the JDA.
As the primary tranche, the corporate will obtain a cost of INR 520 crore, of which Rs 160 crore would be the consideration for the sale of 12.50 acres, it mentioned in a regulatory submitting.
The remaining funds can be disbursed to the corporate in phases via subsequent transactions sooner or later, it added.
GOCL and its subsidiaries provide different vary of merchandise in energetics and industrial explosives. It develops particular merchandise for defence & house sector and specialises in steel cladding options utilizing explosives.
GOCL has just lately forayed into electronics and can be growing giant actual property initiatives in Bengaluru & Hyderabad.
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