An agreement has been signed between Brigade Properties and Hindustan Unilever (HUL) wherein the former will get acquisition rights of HUL's wholly-owned arm Brooke Bond Real Estates.
Brigade Properties and FMCG major Hindustan Unilever (HUL) have entered into an agreement to fully acquire its wholly-owned arm Brooke Bond Real Estates.
Brigade Properties is a 51:49 joint venture between Bangalore-based realty company Brigade Enterprises and GIC of Singapore.
Last month, HUL had sought approval from the government to exit from Brooke Bond Real Estates, a sector specific SEZ for IT/ITES/BPO/Electronic Hardware at village Kundalhalli in Karnataka.
It had submitted a proposal for change of ownership of shares held by Hindustan Unilever to Brigade Properties.
The SEZ was granted formal approval on March 31, 2010 and was notified on October 7, 2010 with an area of 10.72 hectares.
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