CNBC-TV18 has learnt that Bhagyanagar India is set to reap in benefits from a land sale at Hyderabad. Sources say that RIL will buy 50% of Bhagyanagar India’s Gachibowli land in Hyderabad and the deal size is likely to be around Rs 70-80 crore.

The sources also say that the remaining 50% of land will be jointly developed with Godrej Properties. The company will develop a mall on this land and the project size will be around Rs 150-200 crore.

Bhagyanagar India has been developing land near Gachibowli for the Visual Software campus for Rs 380 crore. The board will meet today to decide on a USD 15 million FCCB issue.

Bhagyanagar India is a part of the Surana Udyog Group. It has firmed up a capital expenditure of Rs 325 crore for real estate projects. The projects include an IT park in Hyderabad and a housing project in Vizag.

Satpal Khattar, a Singapore-based investor, had picked up 10% stake in the company.

CNBC-TV18 DISCLAIMER: This information has not been provided to the stock exchanges, and is source-based.