Lodha Group

Lodha Group was established by 1980 by Mangal Lodha, a businessman and politician, who serves as Member of Legislative Assembly.In September 2007, the Deutsche Bank made an investment of ?1,640 crore by subscribing to the compulsorily convertible debentures of Lodha's subsidiary, Cowtown Land Development Limited.In May 2010, the company emerged the highest bidder to acquire a 22.5-acre plot in Wadala, Mumbai, for ?4,053 crore from Mumbai Metropolitan Region Development Authority .In December 2012, Lodha Group acquired Washington House, a residential building owned by the US consulate on Altamont Road, for ?341.82 crore . Which was developed into Lodha Altamount.It purchased a 17 acres land in Mumbai's prime location from DLF for about ?2,700 crore , nearly four times higher than the price at which DLF had bought the land in 2005.In November 2013, Lodha Group brought Macdonald House, London, a seven-storey building in central London from the Government of Canada for ?3,120 crore . The company acquired 87 acres of land in Thane from Clariant Chemicals India for ?1,102.5 crore .It received an investment of ?425 crore from Piramal Fund Management for one of the company's project in May 2016.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 ?1,100 crore . Earlier, Lodha sold its 29-storey office building in Mumbai's Wadala for ?1,350 crore to Tata Group's retail arm Trent.In Q3 of 2020, India Ratings and Research and Moody's upgraded the rating for Lodha to stable. After getting listed on stock exchange, Moody's Investors Service changed the outlook on the ratings to positive from stable in April 2021.In September 2021, Tata Power entered into a partnership agreement with the group for setting up EV charging stations in housing societies and offices.