Brigade Group signs over ₹ 3400 Cr Worth MOUs at the Tamil Nadu Global Investors Meet 2024

Brigade Enterprises Limited has signed MoUs with the Government of Tamil Nadu to invest over ₹3400 crores in the state with a potential employment for around 25,000 people over the next three-four years. The company signed two MoUs, one with the Chennai Metropolitan Development Authority (CMDA) and the other with ELCOT, Information Technology and Digital Services Department, Government of Tamil Nadu as part of Tamil Nadu's Global Investors Meet (GIM) 2024, in the presence of Shri M.K. Stalin, Hon. Chief Minister. Govt. of Tamil Nadu. The MoU with Chennai Metropolitan Development Authority is for Brigade's expansion in Chennai and setting up two high-rise residential buildings in the IT belt of Sholinganallur, with an investment of over ₹2000 crores. The second MoU is with ELCOT, IT&DS which entails an investment of around ₹1400 crores for high rise commercial and residential developments, across different micro-markets including Mount Road. These projects are expected to be completed within the next three-four years. The Government of Tamil Nadu will provide the necessary support and regulatory facilitation subject to applicable laws.

Commenting on the development, Pradyumna Krishnakumar, Executive Director, Brigade Enterprises Ltd. said, "Chennai continues to be a prime focus area for us across residential, commercial and hospitality. These sectors have shown phenomenal promise in terms of growth and potential during the last year. Also, Chennai is an emerging IT/ITES and Healthcare hotspot and the demand for absorption of commercial spaces is high. This in turn will drive demand for residences. We are confident that with the support of the Tamil Nadu Government, we will be able to contribute to the growth of the state; as the real estate sector is a key contributor to the state exchequer."

The MoU with ELCOT was signed between Shri. Pradyumna Krishnakumar, Executive Director, Brigade Enterprises Ltd. and Dr. S Aneesh Sekhar, IAS MD, ELCOT and the MoU with Chennai Metropolitan Development Authority was signed between Shri. Hrishikesh Nair, Chief Operating Officer, Brigade Enterprises Ltd and Shri. Anshul Mishra, IAS Member Secretary Chennai Metropolitan Development Authority, Housing and Urban Development Department Government of Tamil Nadu.

Shares of Brigade Enterprises Limited was last trading in BSE at Rs. 940.25 as compared to the previous close of Rs. 942.00. The total number of shares traded during the day was 26958 in over 1899 trades.

The stock hit an intraday high of Rs. 949.90 and intraday low of 925.00. The net turnover during the day was Rs. 25219440.00.

Source : Equity Bulls

Keywords

BrigadeEnterprises INE791I01019 MoU GovernmentofTamilNadu