Motilal Oswal Financial Services (MOFSL) has acquired an entire standalone commercial tower with 12 upper floors spread over nearly 1,10,000 sq ft in the financial hub of Ahmedabad from Claris Life Sciences to support its growth and expansion plan.
The property spread over 0.56 acres will house Motilal Oswal Tower, which is the company’s third such property after its independent commercial towers in Mumbai and Bengaluru.
The company has acquired the brownfield project on Ahmedabad’s Sindhu Bhavan Road in bare shell condition. The financial services major will now take the construction ahead and expects to complete the project latest by September 2024.
“We have our offices spread over various locations in Gujarat,” Motilal Oswal, group MD & CEO, Motilal Oswal Financial Services, told. “With Motilal Oswal Tower 3, we will have a large corporate office in the developing financial hub, Ahmedabad. This tower will host all our businesses under one roof and help business synergies…We are committed to invest in the brains, brand and buildings.”
According to him, the group has an aggressive expansion plan for the region and the new office will work coherently with other offices spread across cities in Gujarat to serve its customers.
MOFSL had acquired two of its existing towers also as brownfield projects including the Mumbai head office tower in 2011 and the Bengaluru tower earlier in 2023.
Currently, the Mumbai office tower accommodates over 2,300 employees across the company’s various verticals and 400 employees operate out of the Bengaluru office. The new Ahmedabad tower will accommodate 650 employees.
The new tower with a total 12 floors and two basements will consolidate various key offices of the company that are currently in different locations of Ahmedabad and will also provide space for expansion.