GOCL Corporation has inked an initial pact with Hyderabad-based Squarespace Builders to initiate the strategic monetization of approximately 264.50 acres of prime land located in Kukatpally for Rs 3,402 crore.
Additionally, the agreement includes the development of 32 acres of land under a Joint Development Agreement (JDA), in collaboration with Hinduja Estates, now known as Hinduja Healthcare (HHL). It has commenced the immediate sale of 12.50 acres of the 32 acres under the JDA.
As the first tranche, the company will receive a payment of Rs 520 crore, of which Rs 160 crore will be the consideration for the sale of 12.50 acres. The remaining funds will be disbursed to the company in phases through subsequent transactions in the future.
GOCL Corporation is engaged in manufacturing industrial explosives, mining products, lubricants, speciality oils and chemicals, active pharma ingredients (bulk drugs) and pharma formulations.
