CG Power and Industrial Solutions Ltd enters into development agreement for joint development of CG House

CG Power and Industrial Solutions Limited had signed a Term Sheet with M/s. K Raheja Corp. Group Company for the joint development of the Company's property 'CG House' situated at Dr. Annie Besant Road, Worli, Mumbai, built on leasehold land.

The Company has today i.e. 4th July, 2024 entered into a 'Development Agreement' with Skybound Realty Private Limited ("Developer"), a M/s. K Raheja Corp. Group Company, for joint development of the aforesaid land.

The Company and the Developer have entered into a Development Agreement ("Agreement") whereby the Company has granted development rights in respect of leasehold land admeasuring 4,262.34 square meters situated on and being a part of Plot No.1 (e) of the land bearing Cadastral Survey No. Final Plot No. 1079 of Town Planning Scheme IV of Mahim Division and Cadastral Survey No. 1/1030 of Lower Parel Division together with the structures thereon, to the Developer for the purpose of construction and development of a new building/s on the land ("New Building") in the manner set out in the Agreement.

The Developer has to complete the entire construction and development of the New Building, in the manner set out in the Agreement, and the Company and the Developer shall be entitled to an equal share, i.e., 50% (fifty percent) in the New Building.

Shares of CG Power and Industrial Solutions Limited was last trading in BSE at Rs. 722.40 as compared to the previous close of Rs. 721.35. The total number of shares traded during the day was 163194 in over 6809 trades.

The stock hit an intraday high of Rs. 732.55 and intraday low of 718.00. The net turnover during the day was Rs. 118294610.00.

Source : Equity Bulls

Keywords

CGPowerandIndustrialSolutions INE067A01029 DevelopmentAgreement JointDevelopment CGHouse