Godrej Group Hikes Stake In Sobha
Godrej Group has increased its stake in Bengaluru-based property developer Sobha to 9.99 per cent in the June quarter of this financial year, from 1.08 per cent in the March quarter of 2019-20.
Privately-held Godrej family arm Anamudi Real Estates has acquired the stake in Sobha, which is valued at Rs 223 crore. While emails seeking comments from Godrej Group did not elicit any response, real estate analysts said it could be no more than a portfolio investment by Godrej Group.
A K Prabhakar, head of research at IDBI Capital Markets, said both companies can use their synergies in South India. “Sobha is one of the biggest developers in the South and major contractor for many commercial buildings. Godrej can bring in the land parcels and Sobha’s construction capabilities,”.