Market Sources, 2009-10-08
by India Research Team
Delhi, India
PRIVATE ENTERPRISE
Godrej industries received approval from Board of Directors to develop a property in Mumbai Suburbs
As reported in Financial Chronicle, Godrej Industries Ltd on October 7, 2009 said that its board has approved the proposal of entering into an agreement with two group firms - Godrej & Boyce Mfg Co and Godrej Properties for developing a property in the suburbs of Mumbai.According to the company’s communiqué to the Bombay Stock exchange, the board of directors have approved a proposal to enter into a memorandum of understanding (MoU) with Godrej & Boyce Mfg Co and Godrej Properties for developing the property at Vikhroli (Mumbai).
The MoU provides for setting up of special purpose vehicle to execute joint development of the property and commercial terms for such development, including sharing of costs, revenues and profit, states The Hindu Business Line.
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Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 11,000 employees span the world in 293 offices in 61 countries. On a worldwide basis, Colliers manages 868 million square feet, and has revenue of over USD 2 billion.
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