Realty developer Lodha Signs Deal to Acquire Goel Ganga Ventures in Pune
Lodha, the realty developer listed as Macrotech Developers, has finalized agreements for the acquisition of a complete equity stake in Goel Ganga Ventures India, a Pune-based company. The transaction is anticipated to be finalized by January, and upon completion, Goel Ganga Ventures India will transform into a fully-owned subsidiary of Lodha, headquartered in Mumbai.
No regulatory approvals are required for the acquisition of the real estate company, Macrotech Developers said in a regulatory filing. Goel Ganga Ventures India, incorporated in July 2020, is engaged in the business of real estate development and related activities. It has not reported any revenue income in the last three financial years.
Macrotech Developers achieved its highest-ever pre-sales performance, witnessing a 12 percent year-on-year growth at Rs 3,530 crore for the quarter ending in September. Additionally, the company demonstrated ongoing debt reduction efforts and strong progress in business development.
During the September quarter, the company experienced a 42 percent decrease in net profit, amounting to Rs 210 crore, while revenues from operations saw a slight decline to Rs 1,750 crore. Despite these figures, the developer observed a 16 percent increase in collections from a year ago, reaching Rs 2,750 crore during the same quarter.
Recently the company concluded the sale of its projects in London and with this exited its investments in the United Kingdom completely. The developer, based on the sales trajectory, had earlier guided these projects will be fully sold out ahead of the business plan target of the fourth quarter of the financial year 2023-24.
