DLF signs MoU with Gayatri Project for developing roads and highway project
Real estate giant, DLF Ltd has announced that the Company has signed a Memorandum of Understanding (MoU) with Gayatri Projects Ltd (GPL), one of the leading infrastructure development Companies in India. The agreement is to jointly develop roads and highway projects across the country.
Under the terms of the agreement, DLF-GPL would together leverage the strengths of both parties to form SPVs for development of highways, an official release stated.
DLF-Laing O'Rourke Ltd (LOR), the Joint Venture between DLF and LOR would be the contractor for the projects of DLF-GPL.
DLF and GPL together aim to develop projects worth Rs 1,000 crore every year and in turn build a strong portfolio of projects in a short period of time.
DLF Limited engages in the development of residential, commercial, and retail properties in India. Its residential properties include plots, houses, duplexes, and apartments of various sizes. The company also builds and sells or leases commercial office space; and develops, manages, and leases shopping malls, including multiplex cinemas.
While, Gayatri Projects Limited operates as a construction company in India. It executes various civil works, including construction of concrete/masonry dams, earthen dams, national highways, bridges, canals, aqueducts, airports, and ports. The company, at present has projects worth over Rs 3,450 crore under construction in various states.
Rajiv Singh, Vice-Chairman, DLF said, "We see this venture as a vital catalyst in DLF's vision to expand its presence beyond the well-established verticals of residential, commercial and retail projects."
Sources said that this venture is a significant development in the overall growth plan of DLF. Having already ventured into new businesses of Hotels, SEZs and financial services, this MoU in infrastructure domain would further diversify its portfolio.
At 2:00 pm, stock of DLF was quoting at Rs 1101 on BSE, down 2% compared with previous close of Rs. 1128. It has touched an intraday high of Rs 1137 and an intraday low of Rs 1090.
While, on the other side, the stock price of Gayatri Project today hit its lifetime high at Rs. 695 on BSE. At present the stock was trading at Rs. 686, up 6% compared to previous close of Rs. 647.