NEW DELHI: Hinduja Group firm GOCL Corp Ltd on Thursday said it has agreed to acquire APDL Estate Ltd for Rs 62 crore from Hinduja Realty Ventures Ltd.
APDL Estate Ltd is in the business of the development of commercial spaces and other real estate projects.
In a regulatory filing, GOCL said its board at a meeting on Thursday approved “acquisition of full shareholding, subject to satisfactory due diligence, of APDL Estates Ltd (APDLE), originally incorporated on January 14, 1988, at a consideration of Rs 62 crore without the liabilities on the date of acquisition, from Hinduja Realty Ventures Ltd (HRVL).”
At present, APDLE has a commercial building in Begumpet, Hyderabad, with a revenue area of about 45,000 square feet and development rights on a land measuring 1,594 sq yards with a three-storied building thereon, situated at Malleshwaram, Bangalore.
“The acquisition will help consolidate the realty business of the company,” it added.
HRVL is not a related party of GOCL and the proposed acquisition would be at arm’s length.
APDLE had a turnover of Rs 3.88 crore in 2019-20.
“The proposed acquisition is expected to be completed by December 2020,” the filing said.
Source: Press Trust of India