Realty major Omaxe on Monday said its subsidiary has entered into an agreement with the Lucknow Development Authority to develop a township in Lucknow.
Garv Buildtech Private Ltd, a subsidiary of the company, has entered into a memorandum of understanding to develop township in Lucknow, Omaxe said in a filing to the Bombay Stock Exchange.
The proposed township would generate an estimated revenue of over Rs 2,800 crore and is to be executed in phases over a period of five to seven years, the filing added.
Shares of Omaxe were trading at Rs 122.20 on the BSE, down 0.69 per cent from the previous close.
Source: The Hindu Business Line