Godrej Properties To Sell 49% Of Godrej Estate For INR450 Million

Thursday, March 31, 2010
Source: Dow Jones Newswires:Ameya Karve


MUMBAI - Godrej Properties Ltd.
said on  Monday the 22nd March, it is planning to  sell a 49% stake
in unit Godrej Estate Developers Pvt. Ltd. to HDFC
Asset Management Co. for INR450 million.

 in a note forwarded to National Stock Exchange, Godrej
Properties stated  that it has given Godrej Estate the
rights to develop a real estate project in the
northern Indian city of Chandigarh.

Godrej Properties, a part of the Godrej grop.

HDFC Asset Management is a joint venture between
Indian mortgage lender Housing Development
Finance Corp.  and U.K.-based
Standard Life Investments Ltd.