Omaxe arm to develop township in Lucknow

Realty major Omaxe said its subsidiary has entered into an agreement with the Lucknow Development Authority to develop a township in Lucknow.

Garv Buildtech Private Ltd,a subsidiary of the company,has entered into a memorandum of understanding to develop township in Lucknow,Omaxe said in a filing to the Bombay Stock Exchange.

The proposed township would yield estimated revenue of over Rs 2,800 crore and is to be executed in phases over a period of five to seven years,the filing added.

Shares of Omaxe were trading at Rs 122.20 on BSE,down 0.69 per cent from the previous close.