Omaxe arm to develop township in Lucknow

Realty major Omaxe today said its subsidiary has entered into an agreement with the Lucknow Development Authority to develop a township in Lucknow.

Garv Buildtech Private Ltd, a subsidiary of the company, has entered into a memorandum of understanding to develop township in Lucknow, Omaxe said in a filing to the Bombay Stock Exchange.

The proposed township would yield estimated revenue of over Rs 2,800 crore and is to be executed in phases over a period of five to seven years, the filing added.

Shares of Omaxe were trading at Rs 122.20 on BSE, down 0.69 per cent from the previous close.