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| Godrej arms ink Bangalore land transfer deal |
| BS Reporter / Mumbai Aug 05, 2010, 01:11 IST |
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Godrej Agrovet, a diversified agri-business company, has signed a memorandum of understanding (MoU) with the group’s real estate business arm, Godrej Properties, to transfer 100 acres of unused land outside Bangalore.
Nadir Godrej, chairman of Godrej Agrovet and managing director of Godrej Industries, confirmed the development. “We have signed an MoU with Godrej Properties for 100 acres of land transfer from Godrej Agrovet. The land is in the outskirts of Bangalore and currently unused. But none of the two companies has finalised any concrete future plans yet.”
Godrej Agrovet, with interests in animal feed, oil palm plantations, agrochemicals and poultry, owns 40,000 acres across the country. The Vikhroli, Mumbai-headquartered company plans to transfer some more land to Godrej Properties for developing real estate projects.
According to industry sources, Godrej Agrovet plans to transfer another 150 acres and 50 acres in the outskirts of Chennai and Hyderabad, respectively. The total value of the 300 acres is pegged between Rs 350 crore and Rs 400 crore. Godrej Agrovet is expected to reap 20 per cent profit from the land.
When quizzed about the valuation, Godrej said: “Nothing has been worked out so far. Neither any one of them has worked out any future plans.”
In June 2010, Godrej Agrovet had transferred 35 acres in Mumbai to Godrej Properties to develop residential-cum-commercial complex.
In a recent meeting with Business Standard, Godrej had said that Godrej Agrovet had massive investment plan to enter into new business, which was under advanced stage of finalisation. In the next two-three years, the company is planning to introduce improved variety of conventional hybrid rice to increase yield.
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