01st April 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.
