Motilal Oswal Financial Services (MOFSL) has acquired a standalone commercial tower in Ahmedabad as part of its growth and expansion plan. Here are some key details about this acquisition:

1. Property Details: MOFSL has acquired a commercial tower with 12 upper floors, spread over approximately 1,10,000 square feet of space. The tower is located on Sindhu Bhavan Road in Ahmedabad, covering an area of 0.56 acres.

2. Motilal Oswal Tower 3: The acquired property will be named "Motilal Oswal Tower," and it represents the company's third independent commercial tower. The other two are located in Mumbai and Bengaluru.

3. Brownfield Project: MOFSL purchased the Ahmedabad tower as a brownfield project, meaning it acquired the property in a "bare shell" condition. The company will now proceed with construction and expects to complete the project by September 2024.

4. Corporate Office in Ahmedabad: Motilal Oswal Tower 3 in Ahmedabad will serve as a large corporate office for the company in the city. It will consolidate various key offices that are currently located at different locations within Ahmedabad.

5. Expansion Plans: MOFSL has ambitious expansion plans for the Gujarat region. The new tower in Ahmedabad will facilitate business synergies and allow the company to serve its customers effectively. It is part of the company's commitment to investing in its infrastructure, including buildings.

6. Employee Accommodation: The Mumbai office tower currently accommodates more than 2,300 employees across various verticals, while the Bengaluru office has around 400 employees. The new Ahmedabad tower is expected to provide space for 650 employees.

7. Coherent Operations: The new tower in Ahmedabad will enable the company to have a more coherent and integrated operation in the developing financial hub of the city. It will bring together various business functions under one roof and support MOFSL's growth initiatives in the region.

In summary, MOFSL's acquisition of the commercial tower in Ahmedabad reflects its commitment to expanding its presence and enhancing its operations in Gujarat. This move is in line with the company's strategy to consolidate its key offices and provide room for future growth and expansion.