Crompton Greaves inks pact to jointly redevelop CG House in Mumbai’s Worli
Crompton Greaves, listed as CG Power and Industrial Solutions, has entered into an agreement with realty developer K Raheja Corp to jointly develop its headquarter CG House spread over more than an acre in Mumbai’s plush Worli locality.
The headquarter of the company, which is engaged in design, manufacturing, and marketing of products related to power generation, transmission, and distribution & rail Transportation, is built on leasehold land.
As per the term sheet signed by both the companies, the developer will be granted rights to develop the land parcel by demolishing the existing structure and thereafter constructing thereon one or more buildings. The exact development potential will be elaborated under the development agreement based on the regulatory guidelines.
The development agreement is expected to be signed within 45 days of the execution of the term sheet or such extended period as may be agreed, CG Power and Industrial Solutions said in a regulatory filing.
CG Power and Industrial Solutions and the developer will be entitled to 50% share of the leasehold right and the developed building.
