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~Signs MoU with Squarespace Builders Private Limited, Hyderabad ~
~INR. 520 cores will be received as the first instalment of the agreement~
March 27, 2024: GOCL Corporation Limited (GOCL), a Hinduja Group company, has entered into a significant Memorandum of Understanding (MoU) with Squarespace Builders Private Limited, situated in Hyderabad, to initiate the strategic monetization of approximately 264.50 acres of prime land located in Kukatpally. Through this landmark agreement, a sum of INR 3402 crores will accrue to GOCL. Additionally, the agreement 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). 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 Joint Development Agreement (JDA). As the first tranche, the company will receive a payment of INR 520 crores, of which INR 160 crores 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.
With enhanced financial flexibility GOCL is poised to progress forward, swiftly navigating dynamic market landscapes.
About GOCL Corporation Limited
GOCL and its subsidiaries offer varied range of products in Energetics and Commercial Explosives. The company develops Special products for Defence & Space sector and specialize in Metal Cladding solutions using explosives. GOCL has recently forayed in Electronics and are developing large Real estate projects in Bengaluru & Hyderabad.
We are a leading manufacturer of Energetics & Commercial Explosives products in India with 8 manufacturing locations, 11 regional offices and supply to more than 20 countries.
For further information please visit www.goclcorp.com
About The Hinduja Group
The Hinduja Group is one of India’s premier diversified and transnational conglomerate. Employing about 200,000 employees, with a presence across 38 countries, it has a multi-billion-dollar revenue. The Group was founded over a hundred years ago by Shri PD Hinduja whose credo was “My duty (dharma) is to work so that I can give.” The Group owns businesses in Mobility, Digital Technology, Banking and Financial Services, Media, Project Development, Lubricants and Specialty Chemicals, Energy, Real Estate, Trading, and Healthcare. The Group also supports charitable and philanthropic activities across the world through the Hinduja Foundation.
