Godrej Fund, Hero Cycles in talks for land

Godrej Fund Management, the real estate private equity arm of the Godrej Group, is in talks with Pankaj Munjalpromoted Hero Cycles to buy a four-acre plot along Golf Course Road in Gurugram for nearly ₹600 crore, said two people aware of the development.

“Hero has been looking to sell the site and has given up plan for buildings hotels. Godrej Fund is in talks for 60% stake or may even buy the full asset,” the persons cited earlier told ET.

“Godrej Fund is the front runner in the transaction. Both the parties had signed term sheet and it is under due diligence,” said one of the persons quoted earlier.


Top executives at Hero Cycles and Godrej Properties declined to comment.

Hero Group had earlier planned to build a 280-room, 5-star hotel in Gurugram, marking its foray into the hospitality business. For this, land on Gurugram’s Golf Course Road was acquired in 2011 through a bidding process from Punjab National Bank for ₹406 crore.