News about Bhagyanagar India Limited - National Stock Exchange of India Limited

September 29, 2006

The media had reports that Bhagyanagar India Limited is to sell 50% of its Gachibolwli land to Reliance Industries for around Rs. 70-80 crores and the remaining 50% of the land will be utilised by jointly developing it with Godrej Properties. The land will be used to develop malls and the project size is said to be around Rs 150-200 crores.

The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.

Bhagyanagar India Limited has vide its letter inter-alia stated, "We would like to inform you that the Company had various Land Banks situated in and around Hyderabad City in Andhra Pradesh. The Company is presently planning to develop/sell the said properties, for which the Company is presently consulting/negotiating with various interested parties including Reliance Industries Limited, Godrej Properties Limited, Suncity, Metro etc.. We would assure you that correct information will be sent to the Stock Exchange once the negotiations are finalized."

Source: National Stock Exchange of India Limited

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