Godrej may transfer land to another Co for real estate development

NEW DELHI: Business conglomerate Godrej may transfer some of the landholdings held by its subsidiary Godrej Agrovet to another group firm for developing real estate projects.

"Yes, there is a possibility of more land from Godrej Agrovet being available for development," Godrej Group Chairman Adi Godrej said on a conference call with analysts.

Godrej Agrovet (GAVL) is a diversified agribusiness company with interests in animal feed, oil palm plantations, agrochemicals and poultry.

The Mumbai-based group also has a real estate business rub by its' subsidiary Godrej Properties, which has already signed a memorandum of understanding (MoU) with other group firms to develop 35 acres of land in Mumbai.

"Godrej Properties has also signed other MOUs with Godrej & Boyce, Godrej Industries and Godrej Agrovet to develop their lands both in Bombay and outside as joint ventures over a period of time," Godrej said.

He said GAVL has about 100 odd acres outside of Bangalore, most of which are factories, located on the outskirts of Chennai, Hyderabad and other different cities.

Besides them, the parent firm Godrej Industries Ltd also has some properties in Wadal in East Mumbai and the company is waiting for the approval of the Bombay Port Trust for clearance. I

GAVL reported a revenue of Rs 1613 crore for the financial year ended on March 31, 2010.