Brigade Enterprises’ subsidiary - Brigade Properties has received an approval for acquisition of the property admeasuring 15 acres 86 cents situated at Perungudi on OMR, Chennai from Kansai Nerolac Paints for a consideration of Rs 550 crore subject to Legal Due Diligence. Brigade Properties has entered into a Term Sheet with Kansai Nerloac Paints relating to the same.
The acquisition of property would be done either directly by Brigade Properties or through its nominee or through a special purpose vehicle wherein Brigade Enterprises or its nominees and GIC Singapore through one of its affiliates would be the shareholders.
Brigade Enterprises is one the India’s leading developer with over 28 years of experience in real estate business. Brigade Group has significant presence in southern India, including cities like Bangalore, Chennai, Hyderabad, Kochi etc. and is known for their high standards and quality of development across various facilities.