Lodha Group Explained

Lodha Group
Former Name:Lodha Developers
Type:Public
Traded As:
Isin:INE670K01029
Industry:Real estate & Construction
Founder:Mangal Lodha
Area Served:Worldwide
Key People:Abhishek Lodha[1] (CEO & MD)
Products:Residential, Commercial
Revenue: (2022)
Operating Income: (2022)
Net Income: (2022)
Assets: (2021)
Equity: (2021)
Num Employees:2700+ (2021)

Lodha or Macrotech Developers (formerly known as Lodha Developers) is an Indian multinational real estate company and construction company headquartered in Mumbai, India.[2] It was founded in 1980 by Mangal Prabhat Lodha.[3] It has developed residential and commercial properties in Mumbai, Thane, Hyderabad, Pune and London. Some of its notable projects include Lodha Altamount, The World Towers, Lodha Bellissimo, Trump Tower Mumbai and Lodha Park.[4] [3] [5] The company is also credited for developing Palava, an integrated smart city near Mumbai.[6] [7] The company was listed as Macrotech Developers on 19 April 2021.[8]

History

Lodha Group was established by 1980 by Mangal Lodha, a businessman[9] and politician, who serves as Member of Legislative Assembly.[10]

In September 2007, the Deutsche Bank made an investment of by subscribing to the compulsorily convertible debentures (CCDs) of Lodha's subsidiary, Cowtown Land Development Limited.[11]

In May 2010, the company emerged the highest bidder to acquire a 22.5-acre plot in Wadala, Mumbai, for from Mumbai Metropolitan Region Development Authority (MMRDA).[12] [13]

In December 2012, Lodha Group acquired Washington House, a residential building owned by the US consulate on Altamont Road, for .[14] Which was developed into Lodha Altamount.

It purchased 17 acres of land in Mumbai's prime location from DLF[15] for about, nearly four times higher than the price at which DLF had bought the land in 2005.[16]

In November 2013, Lodha Group brought Macdonald House, London,[17] [18] a seven-storey building in central London from the Government of Canada for .[19] The company acquired 87 acres of land in Thane from Clariant Chemicals India for .[20]

It received an investment of from Piramal Fund Management for one of the company's project in May 2016.[21]

In September 2019, it was announced that the company was about to sell 7 lakh sq ft office space in Mumbai, India to Singapore-based Varde Partners for about .[22] Earlier, Lodha sold its 29-storey office building in Mumbai's Wadala for to Tata Group's retail arm Trent.[23]

In Q3 of 2020, India Ratings and Research (Ind-Ra) and Moody's upgraded the rating for Lodha to stable.[24] [25] After getting listed on stock exchange, Moody's Investors Service changed the outlook on the ratings to positive from stable in April 2021.[26]

The company launched its initial public offering on 7 April 2021.[27] It got listed on National Stock Exchange of India and Bombay Stock Exchange on 19 April 2021.[26]

In September 2021, Tata Power entered into a partnership agreement with the group for setting up EV charging stations in housing societies and offices.[28]

Lodha is the family's company, Abhinandan separated in 2015 and setup his own business which has nothing to do with Lodha.

Lodha official websites for accurate information: www.lodhagroup.in

Partnership

In September 2013, Lodha Group partnered with Donald Trump for the development of Trump Tower, Mumbai, an 800-ft-tall, 77-storey residential tower at Lower Parel, Mumbai.[4] [29] [30] Lodha Group has partnered with a number of celebrities to be brand ambassadors, including Aishwarya Rai,[31] Amitabh Bachchan,[32] Akshay Kumar and Twinkle Khanna.[33]

Controversy

A buyer of Lodha Group's Wadala project flat published YouTube videos claiming irregularities by the company.[34] [35] The company filed suit for defamation but the right to an injunction.[36]

Awards

See also

External links

Notes and References

  1. News: Abhishek Lodha: Property pasha. . 21 September 2018.
  2. News: Bundhun . Rebecca . Branded Homes Make Waves Among the Elite in India . . 17 April 2015.
  3. News: Bhua . Rajiv . The high rise of Abhisheck Lodha . . 5 March 2013.
  4. News: Donald Trump back in Mumbai, this time with Lodha Group . . 18 September 2013.
  5. News: Kenney . Carolyn . Norris . John . Trump's Conflicts of Interest in India . . 14 June 2017.
  6. News: Palava City, Navi Mumbai, Mohali top emerging cities: JLL . . 26 September 2017.
  7. News: Lodha Group's Palava ranked India's No. 1 City to Live In by Jones Lang LaSalle . . 10 September 2017.
  8. News: Lodha Developers changes name to Macrotech . . 31 May 2019.
  9. News: #804 Mangal Prabhat Lodha . 21 August 2019 . Forbes.
  10. News: BJP MLA Mangal Prabhat Lodha from Mumbai in India . . 22 November 2018.
  11. News: Deutsche Bank exits Lodha investment . . 10 February 2012.
  12. News: Lodha secures Mumbai land for Rs 4,053 cr . . 20 January 2013.
  13. News: Nair . Shalini . In Mumbai, Rs 4,053 cr for 25,000 sq metres . . 26 May 2010.
  14. News: Mehta . Rajshri . Prime Altamont Road property of US consulate sells for Rs 342 crore . . 12 December 2012.
  15. News: India's Lodha to buy DLF's Mumbai plot for $488 mln . . 13 August 2012.
  16. News: DLF sells 17 acres Mumbai land to Lodha for Rs 2,700 cr . . 13 August 2012.
  17. News: White . Anna . Indian billionaires are buying up prime central London . . 16 June 2014.
  18. News: Lodha Group buys MacDonald House for Rs. 3,120 crore . . 30 November 2013.
  19. News: Lodha Developers buys prime diplomatic property in UK . . 29 November 2013.
  20. News: Clariant Chemicals Completes Rs. 1,154-Cr Land Deal With Lodha . . 31 December 2014.
  21. News: Piramal Fund Management invests Rs 425 crore in Lodha Project . . 23 May 2016.
  22. News: Lodha group to sell 7 lakh sq ft office space in Mumbai to Singapore firm for Rs 1,100 crore . . 23 September 2019.
  23. News: International investor, Tatas buy Wadala building for Rs 1,350 crore . . 20 September 2019.
  24. News: Babar . Kailash . Moody's affirms Macrotech Developers' Caa1 rating; changes outlook to stable . . 13 November 2020.
  25. News: Lele . Abhijit . Ind-Ra upgrades ratings for Lodha Developers group company Macrotech . . 25 December 2020.
  26. News: Nandy . Madhurima . Post IPO, Moody's changes Macrotech's rating outlook to positive . . 23 April 2021.
  27. News: Manghat . Sajeet . Macrotech Developers IPO: All You Need To Know . . 6 April 2021.
  28. News: Sen. Somit. Tata Power ties up with Lodha Group for EV charging stations in housing societies, offices . 2021-09-26. The Times of India. 9 September 2021 . en.
  29. News: Trump's India partner Lodha tied to Modi: Is US President profiteering from his foreign policy decisions? . . 20 June 2017.
  30. News: Trump Tower to be ready next year . . 23 February 2018.
  31. News: Aishwarya Rai to endorse Lodha's Worli project . . 20 August 2013.
  32. News: Kamath . Raghavendra . Lodha: Real estate's top marketerl . https://web.archive.org/web/20191223093612/https://www.sify.com/finance/lodha-real-estate-s-top-marketer-news-editors-picks-oc1c5Uejdggsi.html . dead . 23 December 2019 . . 27 February 2014.
  33. News: Power couple Akshay Kumar and Twinkle Khanna to endorse Lodha Group project . . 28 March 2016.
  34. Web site: Mumbai. Vidya . May 3, 2019 . To say the emperor has no clothes is not defamation: Bombay HC boost for free speech . 2022-06-15 . India Today . en.
  35. Web site: - YouTube . 2022-06-15 . www.youtube.com.
  36. Web site: Naik . Akshay . 30 April 2019 . Lodha Defamation Case: Judge Gautam Patel strikes down injunction request . 2023-08-02 . Moneylife NEWS & VIEWS . en.
  37. News: Nalwalla . Sanaa . Times Real Estate Icons Recognises West India's Best Real Estate Companies . WhatsHot . 30 September 2020.
  38. News: The Golden Brick Awards 2019 - 4th Edition . Zricks.com . 2019.
  39. Web site: GROHE Hurun India Real Estate Leadership Summit 2019 . Hurunindia.net . 2019.
  40. News: Winners 2018 . realestateawards.co.in.
  41. Web site: Property Awards Winners 2014 . NDTV.
  42. News: CNBC Awaaz gives away Real Estate Awards 2013 . BestMediaInfo . 26 December 2013.

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