Brigaded Enterprises Gains 2% As It Signs Rs 150 Cr Deal For WTC Tower

Brigade Enterprises stocks gained more than 2 per cent in the Thursday trading session after the real estate firm signed an agreement to develop a third world trade centre (WTC) tower at Infopark Kochi.

Brigade Enterprises stock traded at Rs 1,340 with 1.68 per cent gain in the afternoon session on the National Stock Exchange (NSE). The stock is on the trail to capture 50 per cent year-to date (YTD) gain. 

The company signed a land lease agreement in the presence of Pinarayi Vijayan, Chief Minister, Kerala.

The Rs 150 crore project will be developed by Brigade Group. The new tower will be 16 storeys high with a car-park of six decks; it will come up on the non-SEZ plot with a built-up space of 2.6 lakh square feet. This new tower of WTC will generate around 2,700 direct jobs and the project is expected to complete in three years.

Chief Minister Shri Pinarayi Vijayan said 583 new companies have set up offices in Infopark since 2016, generating 70,000 jobs. "The coming up of the third tower of WTC will augment the development of not just Infopark, but the entire IT sector in the state," he noted.

"We are happy to increase our footprint in Kerala with a new tower of WTC for the growing IT and IT-enabled service companies in the State. We already have two WTC towers completed and Brigade is keen to expand in Kerala and we will continue to look for viable land parcels,” said Jaishankar, Executive Chairman-Brigade Enterprises. 

Shri Kurunthil, while speaking of an increasing demand for non-SEZ buildings, said the new building can meet the requirements of prospective entrepreneurs. "The workspace will be a major attraction for big companies," he added.