GOCL Corporation Limited (GOCL) has entered a joint development MoU with Squarespace Builders Private Limited to monetize 264.50 acres of land in Kukatpally for INR 3,402 crore. Additionally, they will jointly develop 32 acres of land in collaboration with Hinduja Healthcare Limited. The process will unfold over 18 months, with the immediate sale of 12.50 acres for INR 520 crore. Further disbursements of funds will occur through subsequent transactions. GOCL's real estate arm is actively involved in developing Ecopolis, a 40-acre IT and IT-enabled services special economic zone in Bengaluru, in partnership with Hinduja Realty Ventures.
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GOCL Corporation Limited (GOCL), a subsidiary of the Hinduja Group, has entered into a Memorandum of Understanding (MoU) with Squarespace Builders Private Limited, headquartered in Hyderabad, to strategically monetize 264.50 acres of prime land in Kukatpally for INR 3,402 crore. This agreement also includes the joint development of 32 acres of land under a Joint Development Agreement (JDA) in collaboration with Hinduja Estates Private Limited, now known as Hinduja Healthcare Limited (HHL).
GOCL has outlined that this process will unfold over an 18-month period in carefully planned phases, based on the fulfillment of associated conditions. Moreover, GOCL has initiated the immediate sale of 12.50 acres of land from the above mentioned 32 acres under the JDA.
As part of the first tranche, the company will receive a payment of INR 520 crore, with INR 160 crore earmarked as consideration for the sale of 12.50 acres, as per a regulatory filing. The company will receive the remaining funds in stages through subsequent transactions in the future.
In partnership with Hinduja Realty Ventures, GOCL's real estate division actively develops an information technology (IT) and IT-enabled services special economic zone named Ecopolis, spanning 40 acres in Bengaluru. This project encompasses commercial offices, hotels, hospitality solutions, and service apartments, boasting a total built-up area of approximately 8 million square feet. The first office block and multi-level car park, totaling 1.5 million square feet, are ready for occupation, while construction of the second office block of 1 million square feet is currently underway.
The Hinduja Group boasts a diverse portfolio of business interests, covering mobility, lubricants and specialty chemicals, banking and finance, digital technology, healthcare, infrastructure project development, media and entertainment, power, and real estate. Furthermore, GOCL and its subsidiaries offer an extensive range of products in the domains of energetics and commercial explosives. The company specializes in developing unique products for the defense and space sectors, as well as metal cladding solutions using explosives. Recently, it has ventured into the electronics sector and is also actively pursuing significant real estate projects in Bengaluru and Hyderabad.
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