Godrej Properties Regains Full Ownership of Kolkata IT Park
Strategic Buyback Godrej Properties has successfully acquired back the 49% stake held by Private Equity (PE) firm Red Fort Capital in an IT Park project located in Kolkata. The IT Park, known as Godrej Genesis, was initially developed in partnership with Red Fort, which had invested in the project back in 2008.
Details of the Acquisition
- Stake Acquisition: Godrej Properties has now become the sole owner of the project by purchasing the entire 49% stake from Red Fort.
- Subsidiary Impact: This acquisition makes Godrej Developers Pvt Ltd (GDPL), the subsidiary overseeing the project, a wholly-owned subsidiary of Godrej Properties, effective December.
- Financial Details: The amount paid to Red Fort for the stake acquisition has not been publicly disclosed.
Recent Portfolio Consolidation Efforts This move follows another significant buyback earlier in the year. In July, Godrej Properties acquired HDFC Asset Management Company Ltd’s approximately 50% stakes in two of its projects, located in Chandigarh and Chennai. HDFC PMS had initially invested about Rs 150 crore in these residential projects.
Godrej Properties' Market Presence
- National Footprint: The company operates in 12 cities across India.
- Development Pipeline: Boasts around 90 million sq ft of potential developable area nationwide.
Financial Performance Highlights (First Half, Current Fiscal)
- Net Surge: 49% increase, reaching Rs 75.7 crore.
- Total Income Growth: 22% increase, totaling Rs 570.6 crore.