Godrej Industries and Godrej Properties were up 0.71% to 2.79% at 10:52 IST on BSE after Godrej Industries said its subsidiary will jointly develop its 100 acre land in Bengaluru with group company Godrej Properties.
Godrej Properties (up 2.79%) and Godrej Industries (up 0.71%), edged higher.
Meanwhile, the S&P BSE Sensex was up 87.28 points, or 0.33% at 26,482.99.
Godrej Industries announced after market hours yesterday, 14 June 2016, that the board of directors of Godrej Agrovet (GAVL) has granted approval for joint development by GAVL and/or its subsidiaries, of land/s admeasuring approximately 100 acres, located at Sarjapur, Bangalore, with Godrej Properties, the developer.
The board of directors of GAVL believes that since GAVL has not been carrying out any operational activity on the aforesaid land for a long time and the land is available for alternate use, such asset monetization by way of joint development on the said land over a period of time, with the expertise of Godrej Properties will benefit GAVL, the company said in a statement.
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