Shares of Brigade Enterprises Limited are in focus today after the company announced that it is entering into a Memorandum of Understanding (MoU) with Technopark to develop a World Trade Centre (WTC) in Thiruvananthapuram.
The shares are currently trading at around Rs 1,077, down by Rs 72 or about 6 percent, as seen at 1:48 pm on January 13.
In an exchange filing released on January 13, Brigade Enterprises said the MoU also encompasses other supporting infrastructure, including a business hotel at Thiruvananthapuram. The company aims to develop around 1.5 million sq.ft of infrastructure that would be spread across a cluster of towers. It is poised to bring in IT MNCs and provide 'Grade A' IT office space to the workforce in the park.
Brigade Enterprises further said that it has already signed and initiated the expansion of WTC in Kochi Infopark with its third tower. On an overall basis, Brigade plans to bring in investment worth around Rs 1,500 crore to Kerala in the coming years and the development is expected to generate employment opportunities, both direct and indirect, for over 10,000 people.
"Encouraged by the success of WTC Kochi, we are happy to bring Kerala’s second WTC to Thiruvananthapuram. With the overall plan to develop about 1.5 million sq ft of premium office space including a business class hotel, this development is set to become an international landmark for the city of Thiruvananthapuram. At Brigade, we strive to bring world-class experiences to our clients and WTC Thiruvananthapuram is yet another step in this direction" said Mr. M. R. Jaishankar, Executive Chairman, Brigade Enterprises.
Earlier on January 8, the company announced through an exchange filing about the launch of a mixed-use project in Hyderabad. The integrated lifestyle mixed-use development project called 'Brigade Gateway at Neopolis' has a revenue potential of Rs 3,300 crore.
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