The monetisation will involve the sale of the entire land and buildings to a leading industrial house in India for a total consideration of around ₹2,261 crore. The transaction will be completed in tranches. Upon completion, GOCL Corporation will be entitled to approximately ₹815 crore.
Also Read: GOCL Corporation to sell entire stake in subsidiary IDL Explosives for ₹107 crore
Hinduja Realty Ventures Ltd developed and managed the infrastructure, including SEZ approvals, construction of buildings, and obtaining denotification, and the consideration is apportioned between GOCL and HRVL accordingly. The transaction is expected to conclude in about six months, subject to extension by mutual consent.Last year, GOCL Corporation said its board of directors had given an in-principle approval to the acquisition of the thermal power operations of Hinduja National Power Corporation Limited (HNPCL), subject to necessary diligence.
The move comes as GOCL nears completion of monetising its land at Kukatpally, Hyderabad, and divesting its major subsidiary. With surplus liquidity and a strong asset base, the company plans to deploy resources into its next phase of transformation by entering the energy sector.
Also Read: GOCL Corporation bags orders worth Rs 257 crore from Coal India
Hinduja National Power Corporation operates a 1,040 MW (2×520 MW) coal-based thermal power plant near Visakhapatnam, Andhra Pradesh, with potential for further capacity expansion.
Shares of GOCL Corporation Ltd ended at ₹223.60, down by ₹12.90, or 5.45%, on the BSE.
(Edited by : Jomy Jos Pullokaran)
