Godrej Industries today said its board has approved entering into an agreement with two group firms — Godrej & Boyce Mfg Co and Godrej Properties — for developing a property in the city suburbs.
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), Godrej Industries said in a filing to the Bombay Stock exchange.
The agreement 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, it further added.
Shares of Godrej Industries were trading at Rs 200.45, up 6.34 per cent in afternoon trade on BSE.