Godrej Industries in a recent move has entered into an agreement with Godrej & Boyce and Godrej Properties to form a special purpose vehicle (SPV) for developing its Vikhroli project stretching across 5,000 acres in the Mumbai suburban area, company spokesperson said in a recent press statement.

The spokesperson added that the company owns about 5,000 acres of land in Vikhroli where it is using a part of the space for residential and commercial purposes and still has huge vacant stretch of property which the Godrej Property has decided to develop before the Urban Land Ceiling Act is repealed.

The binding MoU provides for setting up a suitable SPV to execute joint development of the property as also the commercial terms for such development including the sharing of costs, revenues and profit. The board of directors, through a circular resolution has given the green signal for the proposal.