“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 company said in a filing to the Bombay Stock Exchange.
As GAVL has not been carrying out any operational activity on the land for a long time and the land is available for alternate use, the board believed that GAVL would benefit through such asset monetisation by way of joint development on this land with the expertise of Godrej Properties.
Recently, Godrej Properties has partnered with AR Landcraft to develop 100 acre township project in Greater Noida.
Godrej Properties, the real estate arm of the Godrej Group, plans to develop a golf centric township on this land parcel with a saleable area of about 4 million sq ft.
In January, Godrej Properties had announced its entry into the Noida real estate market in tie-up with a local developer Lotus Greens.
Meanwhile, shares of the company were trading at Rs 360.60 apiece, up 0.91 per cent from the previous close at 11:09 hours on BSE.