Lodha Developers Confirms Sale of 30-Acre Land in Palava, India
Lodha Developers (NSE:LODHA, BOM:543287) has confirmed media reports of the sale of 30 acres in Palava in Maharashtra, India, to Digital Edge (India), saying it was a routine transaction, according to a Friday filing to the Indian stock exchanges. The clarification was in response to a report in The Economic Times on Thursday, which said Digital Edge (India), backed by the National Investment and Infrastructure Fund, acquired over 30 acres of land at Lodha Developers' Green Integrated Data Centre Park in Palava near Mumbai in Maharashtra, for around 10 billion Indian rupees The land has been acquired to develop a hyperscale data center campus, the news report said. "We would like to put on record that we are in the business of real estate and hence land purchase/tie up (which is our raw material and inventory for us) or its development is routine in nature," Lodha said.
Lodha Developers (NSE:LODHA, BOM:543287) has confirmed media reports of the sale of 30 acres in Palava in Maharashtra, India, to Digital Edge (India), saying it was a routine transaction, according to a Friday filing to the Indian stock exchanges.
The clarification was in response to a report in The Economic Times on Thursday, which said Digital Edge (India), backed by the National Investment and Infrastructure Fund, acquired over 30 acres of land at Lodha Developers' Green Integrated Data Centre Park in Palava near Mumbai in Maharashtra, for around 10 billion Indian rupees The land has been acquired to develop a hyperscale data center campus, the news report said. "We would like to put on record that we are in the business of real estate and hence land purchase/tie up (which is our raw material and inventory for us) or its development is routine in nature," Lodha said.