GOCL ties up with Squarespace Builders to monetise 264.5 acres in Hyderabad for Rs 3402 crore

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 beneath a Joint Growth Settlement (JDA), in collaboration with Hinduja Estates Personal Restricted, now often called Hinduja Healthcare Restricted (HHL), GOCL stated on Wednesday.The corporate stated the method will get accomplished over an 18-month interval in rigorously 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 beneath the JDA.As the primary tranche, the corporate will obtain a fee of INR 520 crore, of which Rs 160 crore would be the consideration for the sale of 12.50 acres, it stated in a regulatory submitting. The remaining funds will probably be disbursed to the corporate in phases by way of subsequent transactions sooner or later, it added.GOCL and its subsidiaries provide different vary of merchandise in energetics and business explosives. It develops particular merchandise for defence & house sector and specialises in metallic cladding options utilizing explosives.GOCL has just lately forayed into electronics and can also be creating giant actual property tasks in Bengaluru & Hyderabad.

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