Hyderabad-based IT firm, Megasoft Limited, has informed the stock exchanges that it had surrendered 7.29 acres of land to the state government out of its previously alloted 15.61 acres.
The said land is located at Nanak Ram Guda abutting Hyderabad Financial District, which has become a center for the back office operations of several premier Indian and global financial institutions.
The government has allotted the reclaimed land to the global internet company Google Inc for the proposed campus, according to sources. The government had issued notices to Megasoft for keeping the land unutilised for the intended purpose.
The land was originally given to VisualSoft Technologies Limited, a software company promoted by Gangavaram Port promoter DVS Raju, who sold the firm along with the land to Megasoft in 2006.
During the negotiations, the management of the company and the functionaries in the Telangana government had come to an agreement, under which, the company was allowed to retain half of the allotted land while directed it to part with the remaining half for accommodating the upcoming Google campus, sources said.
Megasoft has reported a net profit of Rs 1.57 crore for the quarter ended March, 2015, on revenues of Rs 19.23 crore during the quarter.