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<ul><li>Cousins Adi Godrej and Jamshyd Godrej are known to have differences in opinion on how to develop their massive land bank </li><li>Their grandfathers have founded the Godrej Group and have been acquiring this land since the 1940s. </li><li>Jamshyd has hired Nimesh Kampani of J M Financial while Adi and his brother Nadir have hired Uday Kotak and Cryril Shroff for negotiations.</li></ul>One of India’s oldest business families of India, Godrej has decided to split their enormous land holdings, tangled between themselves, to make way for real estate development, according to reports. Cousins Adi Godrej and Jamshyd Godrej are known to have differences in opinion on how to develop their massive land bank that extends over 3,400 acres in Mumbai. The Godrej family released a joint statement by Adi Godrej and Jamshyd Godrej, calling them ‘normal’ family discussions. 
 <div type="ExtQuote" text="We have been working on a long term strategy plan for the Group for several years. As part of this exercise, we have sought advice from external partners to help us think through options. The family regrets the sensationalist media coverage of these normal and private family discussions." auname="Statement by Godrej family"></div>

 Their grandfathers have founded the Godrej Group and have been acquiring this land since the 1940s. And a large chunk of it, around a 1,000 acres lies in the prime real estate areas of Vikhroli. While Adi heads Godrej Consumer and Godrej Properties, Jamshyd is the chairman and managing director of Godrej and Boyce. The closely held Godrej and Boyce is the owner of most of this land, while Adi’s real estate development company, Godrej Properties pays around 15% of the project revenue to them,<a href="https://economictimes.indiatimes.com/news/company/corporate-trends/godrej-family-may-rework-pacts-after-rift-over-land/articleshow/69966815.cms"> as per an ET report</a>. Now, however, both sides have hired investment bankers and lawyers to re-work family arrangements, in order to make way for Adi’s properties business to turn into the city’s largest real estate developer. Top investment bankers will be a part of tough negotiations to untangle the complicated family pacts. While Jamshyd has hired Nimesh Kampani of J M Financial while Adi and his brother Nadir have hired Uday Kotak the chairman of Kotak Mahindra Bank and Cryril Shroff of Cyril Amarchand and Mangaldas, as per a<a href="https://www.business-standard.com/article/companies/godrej-family-hires-top-law-firms-to-untangle-land-holdings-worth-rs-20k-cr-119062700056_1.html"> report by Business Standard</a>. The Godrej Group was founded by Ardeshir Godrej along with his brother, Pirojsha Godrej in 1987. Pirojsha’s sons formed the second generation as Ardeshir died childless. The third generation consists of Adi, Nadir and Jamshyd.

A 122-year old Indian business family has hired bankers and lawyers to split the land of their fathers

Enthused by strong housing demand, realty firm Godrej Properties Ltd has acquired 18 land parcels last fiscal for development of new projects with an estimated sales potential of around Rs 32,000 crore. Mumbai-based Godrej Properties, which is part of business conglomerate <keyword id="133008" type="General" weightage="20" keywordseo="godrej-group" source="Orion">Godrej Group</keyword>, had given a guidance that for future development it would add land parcels that have sales revenue potential of Rs 15,000 crore. However, the company's new business development, which means addition of new land parcels, jumped more than two-fold of annual guidance. Godrej Properties acquires land outrightly and also enters into joint development agreements (JDAs) with landowners to create a pipeline of future projects and expand its business. In a recent regulatory filing, the company presented its operational performance for 2022-23. Godrej Properties highlighted that it has added "18 new projects in FY23 with a total estimated saleable area of nearly 29 million square feet and total estimated booking value of around Rs 32,000 crore." In the fourth quarter of last fiscal, five new projects were added with an expected sales booking value of Rs 5,750 crore. Among big-ticket deals in FY23, the company acquired an 18-acre land parcel in Kandivali, Mumbai for Rs 750 crore to develop a luxury housing project with an estimated revenue potential of about Rs 7,000 crore. It also acquired legendary film actor, director and producer Raj Kapoor's bungalow at Chembur in Mumbai to develop a luxury housing project. In February last year, Godrej Properties Executive Chairman Pirojsha Godrej had said that the company would invest around Rs 7,500 crore over the next 12-18 months on the acquisition and development of new real estate projects. Sitting on a huge cash pile, Godrej Properties entered aggressively into the market to acquire land parcels. In the last fiscal, it purchased more land outrightly than signing JDAs with landowners. On operational front, Godrej Properties' sales booking rose 56 per cent last fiscal to Rs 12,232 crore -- an all-time high -- on strong demand for residential properties. Pirojsha Godrej attributed the strong growth in FY23 to its strong portfolio of projects across the country. For the first time, the company sold over Rs 2,000 crore of real estate in each of four focus markets of Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru and Pune. Out of the total sales bookings last fiscal, housing segment's contribution was 99 per cent. Pirojsha said the company look forward to building on this sales momentum in FY24. During 2022-23, sales volumes grew by 40 per cent to 15.21 million square feet from 10.84 million square feet in the previous year. The company delivered projects aggregating over 10 million sq ft across 5 cities in FY23. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zepto-preps-for-public-listing-in-2-years-brings-in-ramesh-bafna-as-cfo-to-lead-ipo-process/articleshow/99514143.cms">Zepto preps for public listing in 2 years; Brings in Ramesh Bafna as CFO to lead IPO process</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbis-mpc-decisively-in-a-rate-pause-territory-as-inflation-cools-down/articleshow/99497132.cms">RBI's MPC 'decisively' in a rate-pause mode as inflation cools down</a>

Godrej Properties acquires 18 land parcels in FY23 to build new projects with Rs 32,000-cr sales potential

Realty firm Godrej Properties on Friday launched a luxury housing project at iconic R K Studios' land in Mumbai. 
 In May last year, the company had announced the acquisition of the land in Chembur to develop mixed-use project comprising luxury flats and retail space.
 Godrej Properties, part of Godrej group, had said that the project spread across 2.2 acre would offer about 3.5 lakh sq ft of saleable area. The company had not disclosed the deal value.
 The company on Friday said it is launching a luxurious residential development at <keyword id="29457" type="COMPANY" weightage="20" keywordseo="RK-Studios">RK Studios</keyword>, Chembur. Godrej Properties did not mention total housing units to be developed and the investments to be made in the project. 
 Pirojsha Godrej, Executive Chairman, Godrej Properties said, "We are thrilled to launch Godrej RKS at the iconic RK Studios in Chembur. We will seek to ensure we celebrate the remarkable legacy of this site with a landmark development that delivers an outstanding lifestyle for its residents."
 Godrej RKS is strategically located on the main Sion-Trombay Road. 
 Founded by Raj Kapoor in 1948, the studio is witness to the making of several films produced by the Kapoor family over the decades.
 After selling this studio last year, <keyword id="1562" type="PERSON" weightage="20" keywordseo="randhir-kapoor">Randhir Kapoor</keyword> of R K Studios had said: "This property in Chembur has been of tremendous significance to my family over the many decades that R K Studios has operated from there." "We...have chosen Godrej Properties to script a new chapter for this location and build upon its rich history," said Kapoor, the eldest son of late actor Raj Kapoor.

R K Studios will be turned into a luxury housing project, says Godrej Properties

New Delhi, Dec 12 () Realty firm Godrej Properties on Thursday said it has added four new projects in Mumbai Metropolitan Region (MMR) and Bengaluru comprising 12.7 million sq ft of developable area.
 The company, a real estate arm of business conglomerate Godrej group, said it has added three new projects at Navi Mumbai, Ambernath, and Thane in MMR and one new project in North Bengaluru.
 "These new projects will add approximately 1.18 million square metres (12.70 million sq ft) to its development portfolio," Godrej Properties said in a statement.
 Godrej Properties has entered a joint venture to develop a township project of over 100 acres in the residential market of Navi Mumbai. This project will offer about 7.5 million sq ft of development area and will be built as a residential project with a retail component.
 The second project is a joint venture with Nisarg Nirman Developers to build a land parcel of about 6.4 acres in Ambernath. This project will offer about 1.1 million sq ft of development area and will be developed as a group housing project.
 The third project is an outright purchase of land in Thane. Spread across about 8 acres, this project will offer about 1.1 million sq ft of development area.
 Godrej Properties has formed a JV with the promoters of Universal Builders to develop a affordable housing project in North Bengaluru. This project will have developable area of about 3 million sq ft spread over 22 acre land.
 On adding these four projects in the company's portfolio, Godrej Properties Executive Chairman Pirojsha Godrej said, "This fits well with our strategy of building our presence in the country's leading real estate markets and will add momentum to our plans to grow market share during the period of dislocation the industry is currently facing. We look forward to delivering outstanding projects across these locations".
 Godrej Properties is currently developing residential, commercial and township projects spreading approximately 17.44 million square metres (187.7 million square feet) across 78 projects in 10 cities. MJH ANS
ANS

Godrej Properties adds 4 new projects in Mumbai region, Bengaluru

New Delhi, <keyword id="45432" type="General" weightage="20" keywordseo="Godrej-Properties" source="Orion">Godrej Properties</keyword>' net debt rose 45 per cent during April-June period of this fiscal to Rs 5,298 crore from the previous quarter on aggressive land purchase across major cities. According to an investor presentation, net debt of Godrej Properties -- the real estate arm of business conglomerate Godrej Group -- stood at Rs 5,298 crore as on June 30, 2023 as against Rs 3,649 crore at March-end. Debt-equity ratio stands at 0.56. Since April last year, Godrej Properties has been aggressive in new business development under which the company is purchasing land outright and also entering into joint development agreements (JDAs) wth land owners to create a pipeline for future development. It focuses on Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru markets. Enthused by strong housing demand, the company acquired 18 land parcels last fiscal year for development of new projects with an estimated sales potential of Rs 32,000 crore. It purchased four new land parcels with an estimated saleable area of 3.7 million square feet and expected booking value of Rs 6,450 crore between April-July period of this fiscal. Replying to a query whether the debt will increase further, Gordrej Properties Executive Chairman Pirojsha Godrej said, "I think you will see some increase...given the business development over the next couple of quarters." "But we think thereafter next year, we think the calendar 2024 is when there's a lot of these project launches happening...we expect very strong positive operating cash flows," he added. Earlier this month, Pirojsha had said the company's sales performance remained muted in April-June, but the company will meet the annual target to sell properties worth Rs 14,000 crore this fiscal. Godrej Properties' sale bookings fell 11 per cent year-on-year during the first quarter of 2023-24 to Rs 2,254 crore. "In terms of sale bookings, April-June was a weak quarter for us. But in deliveries, it was strong as we did nearly 5 million square feet area. Our annual guidance for deliveries is 12.5 million square feet," he had said in an interview. He exuded confidence that the company will achieve "healthy growth" in sale bookings during the remaining three quarters. Pirojsha said the company would achieve or even better the annual sales guidance of Rs 14,000 crore in 2023-24 against Rs 12,232 crore in the previous fiscal. Godrej Properties launched very few residential projects during the first quarter of 2023-24 and the bulk of bookings came from the ongoing projects. The pipeline of new launches is "very strong", he had said. On the financial performance front, the company recently reported a nearly three-fold jump in consolidated net profit to Rs 124.94 crore for the first quarter as against Rs 45.55 crore in the year-ago period. Total income rose to Rs 1,265.98 crore in April-June 2023-24 from Rs 426.40 crore in the corresponding period of the previous year.

Godrej Properties' Q1 net debt up 45% to Rs 5,298 cr from March-end; may rise further

Seeking to encash strong housing demand, realty firm <keyword id="45432" type="General" weightage="100" keywordseo="Godrej-Properties" source="Orion">Godrej Properties</keyword> will acquire multiple land parcels this fiscal having sales revenue potential of around Rs 15,000 crore post-development. Last fiscal, Godrej Properties was very aggressive on land acquisition and added 18 new land parcels with sales potential of Rs 32,000 crore post-development. In an interview with PTI, <keyword id="13508599" type="General" weightage="50" keywordseo="godrej-executive" source="Orion">Godrej Executive</keyword> Chairman <keyword id="6504610" type="General" weightage="50" keywordseo="pirojsha-godrej" source="Orion">Pirojsha Godrej</keyword> said the company will continue to add new land parcels for future developments, but it will scale down the pace. Asked about the FY24 guidance for new business development, which means outright land purchase and joint development agreements (JDAs) with landowners, he said, for now it has been set at Rs 15,000 crore in this fiscal. However, <keyword id="259304" type="General" weightage="80" keywordseo="pirojsha" source="Orion">Pirojsha</keyword> said the company would easily achieve higher numbers. On reasons behind setting a lower target for new business development, Pirojsha said, "Last year was an exceptional year. Not necessarily we will have such numbers every year." Further, he added: "We don't even want to add Rs 30,000 crore worth new projects every year. To achieve sales bookings of Rs 14,000 crore in a year, we dont need to actually add new projects worth Rs 30,000 crore." Pirojsha Godrej said the company is in discussion with many landowners across major cities for both outright purchases as well as entering into JDAs. On the performance during the last fiscal, he highlighted that it was very strong on all important metrics like sale bookings, cash collections from customers, completion of projects and new business development. Sale bookings rose 56 per cent last fiscal to an all-time high of Rs 12,232 crore and almost all were housing properties, he said. Cash collections grew 41 per cent to Rs 8,991 crore last fiscal year, while project deliveries touched a record 10 million square feet. Godrej Properties added "18 new projects in FY23 with a total estimated saleable area of nearly 29 million square feet and total estimated booking value of around Rs 32,000 crore." Among big-ticket deals in FY23, the company acquired an 18-acre land parcel in Kandivali, Mumbai for Rs 750 crore to develop a luxury housing project with an estimated revenue potential of about Rs 7,000 crore. Regarding the current fiscal, Pirojsha said the company has set a target of Rs 14,000 crore worth of sale bookings for now. The cash collection target has been set at Rs 10,000 crore for current fiscal, while the deliveries of projects would rise to 12.5 million square feet, he said. Asked about the market, Pirojsha said the recovery in the real estate sector has been very good post second wave of the COVID pandemic despite increase in interest rates on home loans. He expected demand to sustain in the coming years. Pirojsha noted that the Delhi-NCR market has been performing very well in terms of both sales volumes and pricing. To encash this, he said the company plans to launch many projects in Delhi, Noida and Gurugram. Godrej Properties, an arm of business conglomerate Godrej Group, is one of the leading real estate developers in the country. It mainly focuses on Delhi-NCR, <keyword id="6361772" type="General" weightage="50" keywordseo="mumbai-metropolitan-region" source="Orion">Mumbai Metropolitan Region</keyword>, Bengaluru and Pune for development of residential projects. During the full 2022-23 fiscal, the company's net profit increased to Rs 571.39 crore from Rs 352.37 crore in the previous year. Total income also grew to Rs 3,039 crore last fiscal from Rs 2,585.69 crore in 2021-22. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/8-things-that-google-bard-can-do-but-chatgpt-cannot/articleshow/100187360.cms">8 things that Google Bard can do, but ChatGPT cannot</a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-silence-fake-calls-from-unknown-numbers-on-whatsapp/articleshow/100186824.cms">How to silence calls from unknown numbers on WhatsApp</a> <a href="https://www.businessinsider.in/tech/mobile/news/survey-reveals-three-out-of-four-indians-suffer-from-nomophobia-heres-what-it-means/articleshow/100073985.cms">Survey reveals three out of four Indians suffer from NoMoPhobia: Here’s what it means</a>

Godrej Properties on land-buying spree for housing projects: to acquire ₹15k cr projects in FY24

New Delhi, Jan 23 () Home appliances major Godrej Appliances on Thursday said it has forayed into air cooler category with introduction of coolers with inverter technology, and is looking at capturing 15 per cent market share in the segment in next 5 years.
 Air coolers with inverter technology ensure cooling at higher efficiency with up to 50 per cent more power saving, delivering savings of up to Rs 3,000 in 3 years, Godrej Appliances said in a statement.
 "We have entered another category in cooling space. Air cooler market was going at about 17 per cent over the last five years, but if you look at last one or two years it has grown by around 20 per cent and there is a huge market and it is bound to grow," Godrej Appliances Business Head and Executive VP Kamal Nandi told reporters here.
 With its inverter technology and delightful features, Godrej air coolers aims to make eco-friendly technologies within everyone's reach, while bringing in ease and convenience to consumers, he added.
 "As the price point of entry level air conditioners has increased by Rs 5,000-6,000, the consumers who were looking for air conditioner in the entry level price bracket find that to be unaffordable. Because of this, a large chunk of consumers are now looking at cooling solutions which are of lesser cost and lesser budget and therefore air cooler as a category is going very fast," Nandi said.
 The size of air cooler market is about Rs 6,000 crore (both organised and unaorganised) and Godrej Appliances is looking at acquiring 4 per cent share this year, he added.
 "We are looking at around 4 per cent of market share in the air cooler category in this year and aim to have a 15 per cent market share in next five years," Nandi said.
 Godrej air coolers range is broadly classified into three sub-categories -- inverter series, electronic series and mechanical series, the company said.
 The air cooler range consists of 17 models in various sizes and cooling capacities, ranging from Rs 12,300 to Rs 19,900, it added. AKT RVK

Godrej Applinaces forays into air cooler segment, eyes 15 pc market share in 5 yrs

<keyword id="45432" type="General" weightage="80" keywordseo="godrej-properties" source="Orion">Godrej Properties</keyword> Ltd on Friday said it has acquired legendary film actor, director, and producer <keyword id="6358412" type="General" weightage="80" keywordseo="raj-kapoor" source="Orion">Raj Kapoor</keyword>'s Bungalow at Chembur in <keyword id="6358070" type="General" weightage="50" keywordseo="mumbai" source="Orion">Mumbai</keyword> to develop a luxury housing project. The land was purchased from the <keyword id="53" type="General" weightage="100" keywordseo="kapoor" source="Orion">Kapoor</keyword> family, legal heirs of Raj Kapoor, the company said in a regulatory filing. The deal value has not been disclosed. The site is located at Deonar Farm Road, Chembur, Mumbai, adjacent to <keyword id="6356045" type="General" weightage="50" keywordseo="tata-institute-of-social-sciences" source="Orion">Tata Institute of Social Sciences</keyword> (TISS). In May 2019, Godrej Properties had acquired R K Studios in Chembur from the Kapoor family to develop a premium mixed-use project Godrej RKS. The project is expected to be delivered this year. Gaurav Pandey, MD and CEO, Godrej Properties, said, "We are pleased to add this iconic project to our portfolio and are grateful to the Kapoor family for entrusting us with this opportunity." The demand for premium developments has been strong over the past few years, he said. This project will allow us to further strengthen our presence in Chembur, Pandey said. <keyword id="1562" type="General" weightage="50" keywordseo="randhir-kapoor" source="Orion">Randhir Kapoor</keyword> said, "This residential property in Chembur has been of great emotional and historical significance to our family. We are happy to once again associate with Godrej Properties to take forward this rich legacy for the next phase of development for this location," Godrej Properties, which is part of the business conglomerate <keyword id="133008" type="General" weightage="50" keywordseo="godrej-group" source="Orion">Godrej Group</keyword>, is one of the leading real estate developers in the country. It has a significant presence in Mumbai Metropolitan Region (MMR), Delhi-NCR, <keyword id="2094" type="General" weightage="50" keywordseo="pune" source="Orion">Pune</keyword> and Bengaluru. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indigo-plans-flights-to-nairobi-jakarta-some-central-asian-destinations-ceo-pieter-elbers/articleshow/98000625.cms">IndiGo plans flights to Nairobi, Jakarta, some central Asian destinations: CEO Pieter Elbers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/fashion-industry-needs-to-move-further-and-faster-to-meet-1-5c-target-prove-they-care-about-real-change-un-expert/articleshow/97987975.cms">Fashion industry needs to move "further" and "faster" to meet 1.5°C target, prove they care about real change: UN expert</a>

Godrej Properties acquires Raj Kapoor's Bungalow in Mumbai

Bhopal, Feb 19 () Growth of consumer durables segment is expected to pick up in the last quarter taking the sector's expansion in 2019-20 to 15 per cent, an industry official said on Wednesday. The expert also said that the economic slowdown has not affected the sector, which grew by 10 per cent in the first three quarters of 2019-20, as people continue to spend on consumer products like ACs, refrigerators, washing machines and other appliances. The last quarter would be much better than first three, so overall growth in the current fiscal year is expected to be over 15 per cent, Sanjeev Jain, National Sales Head, Godrej Appliances, told reporters here. The sector has grown at around 10 per cent in the current financial year, he added.Asked about the effect of economic slowdown, Jain saidthat this has not affected the sector because people are spending on their needs of consumer products. Talking about the growth in the next five years, he said the consumer durable sector is expected to double the market size to Rs 1 lakh crore by 2025."It is expected that the size of the consumer durable sector would be doubled to over Rs 1 lakh crore from present around Rs 55,000-crore because of growing needs of products in the day-to-day life of the people," Jain said. On the occasion, Godrej launched a new range of air-coolers in MP. Jain said that the organised sector has only 40 per cent share in the air-cooler market in the country, which involves the sale of one-core units. Arif Kooliyat, Head, Product Planning, Godrej Appliances, said that the air cooler market is expected to grow at a CAGR of 20 per cent by 2022. ADU MAS NP MRMR

Consumer durables growth to pick in last quarter of FY20, says official

New Delhi, Feb 23 () Realty firm Godrej Properties sold properties worth Rs 3,532 crore during the April-December 2019 period, up 12 per cent as compared with a year-ago period. According to an investors' presentation, the company's sales bookings stood at Rs 3,155 crore during April-December 2018. In terms of volume, Mumbai-based Godrej Properties sold nearly 52 lakh sq ft area, an increase of 3 per cent from the corresponding period of the previous year. Out of the total sales bookings of Rs 3,532 crore achieved during the first nine months of this financial year, the housing segment contributed Rs 3,471 crore. Sales of commercial properties stood at Rs 61 crore. As per the presentation, the company's net debt stood at Rs 1,089 crore. Godrej Properties has posted a 9 per cent increase in its consolidated net profit at Rs 45.46 crore for the quarter ended December as against Rs 41.63 crore a year ago. Total income rose to Rs 517.47 crore in the third quarter of this financial year as compared to Rs 430.7 crore in the corresponding period of the previous year. Earlier this month, Godrej Properties announced an acquisition of nearly 27 acre land parcel at Ashok Vihar in the national capital for Rs 1,359 crore to develop a luxury housing project. MJH HRS

Godrej Properties sells properties worth Rs 3,532 cr during Apr-Dec of FY20

<keyword id="161914" type="General" weightage="20" keywordseo="godrej-agrovet" source="Orion">Godrej Agrovet</keyword> was allotted about 47,000 acres of land in Sangareddy district in Telangana for oil palm plantation, the company said in a release on Tuesday. Allocated by Telangana's Department of Agriculture and Cooperation (Horticulture and Sericulture), the allotted area will be utilized by the company to expand the cultivation of oil palm and set up processing units. Recently, Godrej Agrovet inaugurated an edible oil refinery at Chintalapudi in the Eluru district "We are delighted to receive additional district in the fresh allotment released by the Government of Telangana. It is a testimony of GAVL's commitment and efforts to boost oil palm plantations and promote farmer prosperity in the region. We would like to thank Government of Telangana for their support and commitment to this initiative which will benefit the farmers," said Balram Singh Yadav, Managing Director, Godrej Agrovet. The company has an expertise of more than three decades in the oil palm business. The Telangana government has set a target to extend the cultivation of oil palm across 20 lakh acres in the state. A total of ₹1,000 crore is proposed in the Budget for 2023-24 for oil palm cultivation. India is the world's second-largest consumer and number one <keyword id="451493" type="General" weightage="20" keywordseo="vegetable-oil" source="Orion">vegetable oil</keyword> importer, and it meets 60% of its need through imports. A large part of it is palm oil and its derivatives, which are imported from Indonesia and Malaysia. Although oilseed production in India has grown over the years, the production has lagged behind its consumption, resulting in continuous dependence on imports.

Telangana govt allots Godrej Agrovet 47,000 acres for oil palm plantation

New Delhi, Dec 14 () Adani Transmission Ltd (ATL) on Saturday said it has received a Letter of Intent for a power transmission project in Maharashtra.
The Letter of Intent (LoI) to ATL has been awarded under a tariff based competitive bidding model from Maharashtra State Electricity Transmission Company Ltd (MSETCL).
"ATL has received the LoI from MSETCL to build, own, operate and maintain a transmission project in Maharashtra for a period of 35 years," a company statement said.
The project 'Kharghar Vikhroli Transmission Pvt Ltd' comprises approximately 34 km of 400 kV and 220 kV transmission lines along with 400kV GIS (Gas Insulated Switchgear) Substation at Vikhroli in Mumbai. 
According to the statement, this will be the first ever 400 kV substation facility in Mumbai.
The project is critical to Mumbai as the existing capacity of transmission corridor is not sufficient to carry further power into the city. It would enable additional power to be brought into the city, thus helping in meeting the future demand of Mumbai. 
The project will also help bring down the cost of electricity for the people of Mumbai, it added. 
 ATL is the transmission and distribution business arm of Adani Group. It is the country's largest private transmission company with a cumulative transmission network of around 14,738 circuit kilometer. Out of this, 11,477 ckt km is operational and 3,261 ckt km is at various stages of construction. KKS ANU

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