GVK Power jumps on pact with Oasis Realty for Rs 580 cr

GVK MIAL has awarded the first land parcel for commercial development to Oasis Realty for Rs. 580 crore

Shares of GVK Power & Infrastructure were locked in 5% circuit at Rs 13 after the company said its subsidiary GVK MIAL has awarded the first land parcel for commercial development to Oasis Realty Private Limited for Rs. 580 crore.

"The Mumbai International Airport Pvt. Ltd. (“MIAL”), a subsidiary of the Company has announced kick starting of monetization of its commercial! real estate by finalizing lease of one of the parcel to Oasis Realty Private Limited," the company said in a release today.

This parcel will have a potential for commercial development of 1.166 million sq. ft. and is part of the process of overall commercial development of 22 million square feet in phases over a period of 10 years, the release said.

The stock opened at Rs 12.40 and touched a high of Rs 13 on the BSE. Over 2.4 million shares were traded on both the stock exchanges so far.