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NCC to sell Vizag Urban Infra arm for Rs 200 crore

NCC informs the bourses that it has entered into a share purchase agreement with GRPL Housing to sell and transfer its entire shareholding in NCC Vizag Urban Infrastructure.

March 31, 2022 / 07:57 PM IST
Representative image.

Representative image.

Hyderabad-headquartered infrastructure firm NCC Ltd on March 31 announced that it is selling its urban infrastructure arm in Visakhapatnam, NCC Vizag Urban Infrastructure Ltd, to Bengaluru-based GRPL Housing Pvt Ltd for around Rs 200 crore.

GRPL Housing is part of the Bengaluru-based Gardencity Realty group.

NCC informed the bourses after trading hours on March 31 that it has entered into a share purchase agreement with GRPL Housing to sell and transfer its entire shareholding in NCC Vizag Urban Infrastructure, subject to regulatory approvals.

On completion of the transaction in terms of the share purchase agreement, NCC will transfer its entire shareholding in NCC Vizag Urban Infrastructure, which will cease to be a subsidiary.