Bhagyanagar India has agreed to sell a part of its land in Hyderabad to Mumbai-based unlisted company Himadri Enterprises for Rs 53.52 crore, reports Our Bureau.
In a statement to the Bombay Stock Exchange on Wednesday, Bhagyanagar said it has sold about 5.76 acres at Uppal, an industrial suburb near Hyderabad, to Himadri. The cost of the property acquisition is less than 10% of the sale price, the statement said.
Bhagyanagar has signed an agreement with Himadri Enterprises and has also received Rs 3 crore as advance money for the sale, the firm said. Bhagyanagar, which owns land in and around Hyderabad, has been talking to various companies like Reliance Industries, Godrej Properties, Suncity and others for developing properties.
Bhagyanagar Metals, a unit of Bhagyanagar, had recently bought 25 acres at Gadchibowli near Hyderabad. Gadchibowli is an IT park where there are several software and hardware companies. In June, Bhagyanagar Metals had bought 25 acres at Hitech City, Hyderabad, for Rs 118 crore. The land is to be used for development of IT parks and housing townships, the company said.
The company has also purchased 6.22 acres near the proposed international airport at Shamshabad for a hotel project, for an undisclosed amount. Apart from properties, Hyderabad-based Bhagyanagar is also venturing into generation of non-conventional energy by setting up windmills with 2.5 mw capacity. The company said it is scheduled to expand the generation capacity of the windmills to 10 mw in a phased manner.
source:; http://economictimes.indiatimes.com/News/News_By_Industry/Indl_Goods__Svs/Metals__Mining/Himadri_Enterprises_buys_Hyderabad_land_for_Rs_54_cr/articleshow/870318.cms
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