Motilal Oswal Financial Services (MOFSL) has recently announced the acquisition of a commercial tower in Ahmedabad to support its growth and expansion plans. The tower, which spans 1,10,000 sq ft, will be the third standalone tower for the company and will serve as its corporate office.
With the acquisition of this property, MOFSL aims to consolidate its operations and facilitate better business synergies. The tower is expected to be completed by September 2024 and will be able to accommodate 650 employees.
According to Motilal Oswal, the group MD & CEO, this acquisition aligns with the company’s aggressive expansion plans for the region. The new office in Ahmedabad will work coherently with other offices located in Gujarat to serve its customers effectively.
The tower, located on Sindhu Bhavan Road, has been acquired in a bare shell condition. The company will now take the construction process ahead and expects to complete it by September 2024.
Motilal Oswal Tower in Ahmedabad will be a significant addition to the company’s existing standalone commercial towers in Mumbai and Bengaluru. The Mumbai office tower currently houses over 2,300 employees, while the Bengaluru tower accommodates 400 employees.
The new tower in Ahmedabad will consolidate various key offices of the company, which are currently spread across different locations in the city. It will also provide ample space for future expansion.
Motilal Oswal Financial Services has not disclosed the financial details of the acquisition, but market estimates value the property at approximately Rs 80 crore.
The Ahmedabad and Gujarat International Finance-Tec (GIFT) City have been emerging as key financial services hubs in recent years. GIFT City has witnessed the registration of 140 entities in fiscal 2023, including major financial institutions such as Morgan Stanley, MUFG Bank, BNP Paribas, JP Morgan, and Deutsche Bank.
Motilal Oswal Financial Services operates various businesses under its capital markets and asset & wealth management divisions. The group has over 9,800 employees and serves 5.6 million clients through its extensive distribution network in over 550 cities.
As of June-end, the group’s assets under advisement (AUA) stood at Rs 3.8 lakh crore. For the quarter ended June, Motilal Oswal Financial Services reported a net profit of Rs 527 crore, with a 32% year-on-year growth in revenue.
