Hyderabad-based Gulf Oil Corporation Limited has entered into a joint development agreement with Hinduja Estates Private Limited, also a Hinduja group company, to develop 76 acre of the former’s land at Kukatpally in Hyderabad.
While Gulf Oil will provide the land, Hinduja Estates will invest around Rs 3,500 crore in the township project, which will house residential and commercial complexes, Subhas Pramanik, managing director of Gulf Oil, told Business Standard.
The project is expected to be completed in five years from the day of commissioning. “The project is currently in the planning stage and we need to do another two-three rounds of discussions,” he said, adding that the company could draw a time line once its received approvals from the Greater Hyderabad Municipal Corporation.
The sharing ratio has been agreed at 35:65 based on the recommendations of property consultants. “After the completion of the project, we will own 35 per cent of the developed project,” Pramanik said.
Gulf Oil, which was formed in 2002, had entered into a similar project development agreement with Hinduja Realty Ventures Limited for a Rs 1,800-crore IT/ITeS park project in Bangalore.