CG Power signs pact with Raheja Group company for Worli property

5 Jul 2024 , 10:53 AM

Murugappa group company CG Power and Industrial Solutions Ltd announced on Thursday (July 4) that it has signed a development deal with Skybound Realty Private Ltd, a K Raheja Corp group company.

This partnership, which was formed on July 4, 2024, aims to jointly develop the company’s property, CG House, located on Dr Annie Besant Road in Worli, Mumbai. This agreement follows a term sheet signed on December 14, 2023, outlining cooperative development ambitions. The property in question is a leasehold lot of 4,262.34 square metres.

Under the terms of the agreement, CG Power grants Skybound Realty development rights to construct and develop additional buildings on the designated land.

The deal states that both CG Power and Skybound Realty will share equally in the ensuing development, with each party receiving a 50% ownership in the new towers.

CG Power and Industrial Solutions Limited, also known as Crompton Greaves Limited, is an Indian multinational corporation that designs, manufactures, and markets products for power production, transmission, and distribution, as well as rail transportation.

At around 10.48 AM, CG Power was trading 2.05% higher at ₹737.35, against the previous close of ₹722.55 on NSE. The counter touched an intraday high and low of ₹742, and ₹721.85, respectively.

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