Lloyds Realty Developers, a subsidiary of Lloyds Enterprises (BOM:512463), has entered into a non-binding memorandum of understanding to acquire a 51% stake in Calculus Logistech for 600 million Indian rupees, according to a BSE filing on Friday.

The pact is aimed at developing a 99-acre land parcel at Taloja in the Navi Mumbai region of India with an additional potential of 32 acres of aggregation.

Under the terms of the MOU, Lloyds Realty will extend up to 2.42 billion Indian rupees as structured secured debt to Calculus Logistech for contiguous land aggregation and regulatory approvals.

The project has a revenue potential of over 12.5 billion Indian rupees over three to four years.

The entire land aggregation is expected to be completed within nine months after the definitive agreements. Following this, the sale or lease of developed plots is targeted within around 24 months post-aggregation.

The company's shares were down nearly 2% in recent trade.