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Godrej Properties-Jet Airways land deal likely by end Q4

Adi Godrej-led Godrej Properties on Friday said it will close a deal to buy private air carrier Jet Airways 2.5-acre plot at the Bandra Kurla Complex (BKC) here during the ongoing quarter of the 2010-11 financial year.

“We will close the deal in this fiscal itself. However, we can’t provide any further details on this,” a top Godrej Properties official said on condition of anonymity.

Jet Airways, the owner of the land parcel at the BKC, wants to sell the property so that it can pay off the Rs. 400 crore it had borrowed from HDFC Bank to buy the land from the Maharashtra government.

While the official did not divulge the financial details of the deal, it is understood that Godrej is willing to pay around Rs. 500 crore for the land parcel.

Godrej plans to develop a commercial property on the site, the official said, adding this would be done in a timeframe of 2-3 years.

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Printable version | May 8, 2021 2:40:53 AM | https://www.thehindu.com/business/companies/Godrej-Properties-Jet-Airways-land-deal-likely-by-end-Q4/article15519673.ece

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