Lodha to acquire Goel Ganga Ventures India

Realty developer Lodha, listed as Macrotech Developers has executed agreements to acquire 100% equity stake in Pune-based Goel Ganga Ventures India and the transaction is expected to be completed by January 15. Following the conclusion of this deal, Goel Ganga Ventures India will become a wholly owned subsidiary of the Mumbai-headquartered company. No regulatory approvals are required for the acquisition of the real estate company, Macrotech Developers said in a regulatory filing. Goel Ganga Ventures India, incorporated in July 2020, is engaged in the business of real estate development and related activities. It has not reported any revenue income in the last three financial years. Macrotech Developers reported its best-ever pre-sales performance with 12% on-year growth at Rs 3,530 crore for the quarter ended September along with continued debt reduction and robust business development. The company?s net profit for the September quarter declined 42% to Rs 210 crore and revenues from operations declined marginally to Rs 1,750 crore. However, the developer?s collections during the quarter rose 16% from a year ago to Rs 2,750 crore.