Bhagyanagar India Ltd. sells out land for Rs 54 cr

December 22, 2006	(Be the first to rate this story!)  Loading ...
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Hyderabad-based Bhagyanagar India Ltd., doing diversified business of metal and component manufacturing, is selling a part of it to Mumbai-based unlisted company Himadri Enterprises for a whopping amount of Rs 53.52 crore.

Also, the company has sold out 5.76 acres at Uppal, an industrial suburb near Hyderabad, to Himadri that has paid Rs 3 crore to Bhagynagar beforehand. As learnt from sources, Bhagyanagar is holding talks with different well off companies including Reliance Properties, Godrej Properties, Suncity, and others regarding property development projects.

Bhagyanagar Metals, a unit of Bhagyanagar, had recently spent large amount of money to purchase 25 acres at Gadchibowli near Hyderabad. Gadchibowli is a home to a multitude of software and hardware companies. The company is also planning to use its 25 acres land at Hitech city, Hyderabad, for the construction of IT parks and dwelling units.

The company has also pumped in 6.22 acres near at Shamshabad. The land is to be utilized for the development of a hotel project. In addition to making a substantial presence in Indian real estate, Hyderabad based Bhagyanagar is all set to venture into production of non conventional energy by setting up windmills with 2.5 mw capacity.

News Published Under:   Real Estate India, Hyderabad, Real Estate Developers |

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