GOCL Corp Monetizing 264.50 Acres in Hyderabad for Rs 3,402 Crore
Thursday, 28 March 2024, 14:29 IST
GOCL Corporation Ltd (GOCL), a subsidiary of the Hinduja Group, has inked a significant agreement with Squarespace Builders, a renowned real estate developer, to initiate the monetization of approximately 264.5 acres of prime land situated in Hyderabad's Kukatpally locality. This strategic maneuver is anticipated to yield over Rs 3,402 crore for GOCL.
Moreover, the agreement encompasses the development of 32 acres of land through a Joint Development Agreement (JDA) with Hinduja Estates, now known as Hinduja Healthcare. The entire transaction is slated to unfold over an 18-month timeline in planned phases, subject to the fulfillment of certain associated stipulations. The company has already embarked on the immediate sale of 12.50 acres of land from the aforementioned 32 acres covered under the joint development agreement, as disclosed in a regulatory filing.
As part of the initial tranche, GOCL is set to receive Rs 520 crores, with Rs 160 crores earmarked as consideration for the sale of 12.50 acres. The remaining funds will be disbursed to the company progressively through subsequent transactions in the future. These funds are earmarked for fuelling future growth initiatives.
In parallel, GOCL's real estate division is actively involved in the development of Ecopolis, an IT & IT-enabled services special economic zone spanning 40 acres in Bengaluru, in collaboration with Hinduja Realty Ventures. This ambitious project, comprising commercial offices, hospitality solutions, and service apartments, boasts a total built-up area of around 8 million sq ft. Notably, the first office block and multi-level car park, covering 1.5 million sq ft, are ready for occupancy, while construction of the second office block spanning 1 million sq ft is currently underway.
The Hinduja Group, with diverse business interests spanning mobility, lubricants, banking, digital technology, healthcare, infrastructure, media, power, and real estate, continues to expand its footprint across sectors.
GOCL and its subsidiaries are actively engaged in the development and sale of a wide array of products in energetics and commercial explosives, catering notably to the defence and space sectors. Additionally, the company specializes in metal cladding solutions utilizing explosives and has recently diversified into electronics while embarking on large-scale real estate ventures in Bengaluru and Hyderabad.
Moreover, the agreement encompasses the development of 32 acres of land through a Joint Development Agreement (JDA) with Hinduja Estates, now known as Hinduja Healthcare. The entire transaction is slated to unfold over an 18-month timeline in planned phases, subject to the fulfillment of certain associated stipulations. The company has already embarked on the immediate sale of 12.50 acres of land from the aforementioned 32 acres covered under the joint development agreement, as disclosed in a regulatory filing.
As part of the initial tranche, GOCL is set to receive Rs 520 crores, with Rs 160 crores earmarked as consideration for the sale of 12.50 acres. The remaining funds will be disbursed to the company progressively through subsequent transactions in the future. These funds are earmarked for fuelling future growth initiatives.
In parallel, GOCL's real estate division is actively involved in the development of Ecopolis, an IT & IT-enabled services special economic zone spanning 40 acres in Bengaluru, in collaboration with Hinduja Realty Ventures. This ambitious project, comprising commercial offices, hospitality solutions, and service apartments, boasts a total built-up area of around 8 million sq ft. Notably, the first office block and multi-level car park, covering 1.5 million sq ft, are ready for occupancy, while construction of the second office block spanning 1 million sq ft is currently underway.
The Hinduja Group, with diverse business interests spanning mobility, lubricants, banking, digital technology, healthcare, infrastructure, media, power, and real estate, continues to expand its footprint across sectors.
GOCL and its subsidiaries are actively engaged in the development and sale of a wide array of products in energetics and commercial explosives, catering notably to the defence and space sectors. Additionally, the company specializes in metal cladding solutions utilizing explosives and has recently diversified into electronics while embarking on large-scale real estate ventures in Bengaluru and Hyderabad.
