GOCL Corporation Limited Announces Land Monetization Deal in Bengaluru
GOCL Corporation Limited announced that its Board of Directors has approved the early monetization of land located in Yelahanka, Bengaluru, within the 'ecopolis' project. The project encompasses approximately 38 acres of land under a joint development agreement with Hinduja Realty Ventures Limited (HRVL). The property is currently in the process of being de-notified from Special Economic Zone (SEZ) purview.The monetization will occur through the sale of the entire land and associated buildings to a leading industrial house. The total consideration for the land and buildings is approximately Rs.2,261 crores, with the sale transaction anticipated to be completed in phases. Upon completion, GOCL Corporation Limited is expected to receive approximately Rs.815 crores.
The consideration is being apportioned between HRVL and GOCL, reflecting the substantial time, effort, and expenditures incurred by HRVL, including SEZ approvals, building construction, and the denotification process. The transaction is projected to be finalized within approximately six months, with a potential for extension by mutual agreement.
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