Bhagyanagar Metals Ltd has informed BSE that the company has entered into an agreement for purchase of 25 acres of land for a total value of Rs 118 crore for development of IT park/housing township. This site is located near Hitech City, Hyderabad, which is the hub of activities for IT parks and housing townships. With this project the, company will be fully diversified into a real estate and infrastructure development activity.
The company has also initiated a housing project on a 52-acre land in Vizag along with its strategic partner Salarpuria of Bangalore. Alongside this, the company has announced it has secured approvals from Registrar of Companies for the name of Bhagyanagar India Ltd, the same shall be taken up during the ensuing annual general meeting, as this represents its diversification.