Realty developer Lodha, listed as Macrotech Developers, has entered into definitive agreements for the acquisition of a complete equity stake in Pune-based company Goel Ganga Ventures India. The transaction, expected to be completed by January, will result in Goel Ganga Ventures India becoming a fully-owned subsidiary of Lodha, headquartered in Mumbai.
According to a regulatory filing by Macrotech Developers, no regulatory approvals are required for the acquisition of Goel Ganga Ventures India. The Pune-based company, incorporated in July 2020, is primarily involved in real estate development and related activities, with no reported revenue income in the past three financial years.
Macrotech Developers, in its latest quarter ending in September, achieved its highest-ever pre-sales performance, marking a 12 percent year-on-year growth at Rs 3,530 crore. The company also showcased ongoing efforts in debt reduction and notable progress in business development.
While experiencing a 42 percent decrease in net profit to Rs 210 crore during the September quarter, Macrotech Developers observed a 16 percent increase in collections from a year ago, reaching Rs 2,750 crore in the same period. Despite a slight decline in revenues from operations to Rs 1,750 crore, the developer demonstrated resilience and positive growth indicators.
Notably, the recent sale of projects in London marked Macrotech Developers’ complete exit from investments in the United Kingdom. The company, aligning with its sales trajectory, anticipates full sell-out of these projects ahead of the business plan target in the fourth quarter of the financial year 2023-24.
