GOCL ties up with Squarespace Builders to monetise 264.5 acres in Hyderabad for Rs 3402 crore

HYDERABAD: Hinduja group company GOCL Corporation Limited (GOCL) has entered into a joint development MoU with Squarespace Builders Private Limited for strategic monetisation of 264.50 acres of prime land in Kukatpally for Ra 3402 crore.
The agreement with Squarespace Builders 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 said on Wednesday.
The company said the process will get completed over an 18-month period in carefully planned tranches, contingent upon the fulfilment of any associated covenants.
The company has commenced the immediate sale of 12.50 acres of land from the previously mentioned 32 acres under the JDA.
As the first tranche, the company will receive a payment of INR 520 crore, of which Rs 160 crore will be the consideration for the sale of 12.50 acres, it said in a regulatory filing.
The remaining funds will be disbursed to the company in phases through subsequent transactions in the future, it added.
GOCL and its subsidiaries offer varied range of products in energetics and commercial explosives. It develops special products for defence & space sector and specialises in metal cladding solutions using explosives.
GOCL has recently forayed into electronics and is also developing large real estate projects in Bengaluru & Hyderabad.