Godrej Industries said its board has approved capital expenditure of about Rs 265 crore for acquiring a corporate Office at ‘Godrej One', Vikhroli.
Godrej One is the first phase of the joint development project ‘The Trees' between Godrej Industries and its subsidiary, Godrej Properties.
Of a total area of 7.5 lakh sq.ft in Godrej One, 2.5 lakh sq.ft will house several Godrej group companies. The remaining five lakh sqft will be leased out.
Godrej Properties is developing the project in joint venture with Godrej Industries and Godrej & Boyce.
Godrej Industries said its Board has authorised the management committee and certain directors and officers to negotiate and finalise the deal and raise finance for the purpose.
Godrej Properties said construction has begun on Godrej One and it would house the Godrej group companies under one roof.