Macrotech Developers to acquire Goel Ganga Ventures

Goel Ganga acquisition: Macrotech Developers, formerly known as Lodha Group, has finalised agreements to acquire the entire shareholding of Goel Ganga Ventures India, a real estate firm based in Pune. The acquisition, expected to conclude by January 15, will integrate Goel Ganga Ventures India as a fully-owned subsidiary of Macrotech Developers. According to a regulatory disclosure, no additional regulatory clearances are necessary for this transaction.

Established in July 2020, Goel Ganga Ventures India focuses on real estate development activities but has not recorded any revenue over the past three fiscal years. In contrast, Macrotech Developers has recently demonstrated strong financial performance. 

Strong performance

The company reported a record high in pre-sales, amounting to Rs 3,530 crore for the quarter ending in September, marking a 12 per cent year-on-year increase. Additionally, Macrotech Developers has been successful in reducing its debt and expanding its business initiatives.

Despite a 42 per cent decline in net profit, which stood at Rs 210 crore for the September quarter, the company witnessed a 16 per cent rise in collections from the previous year, reaching Rs 2,750 crore. Revenue from operations experienced a slight dip to Rs 1,750 crore. 

Macrotech Developers has recently divested its interests in the United Kingdom by concluding the sale of its London-based projects. The company met its sales projections for these projects ahead of schedule, aligning with its business objectives for the fiscal year 2023-24.

(With PTI inputs)