Bombay Dyeing to sell 22 acre plot for Rs 5,200 cr to Japan's Sumitomo
.webp)
Japan’s Sumitomo Realty & Development Company will buy a 22-acre land parcel in central Mumbai from Bombay Dyeing for Rs 5,200 crore, the Wadias-run company said on Wednesday.
The sale of the land parcel in Worli is one of the biggest land sale transactions in the history of the financial capital.
Sumitomo’s subsidiary Goisu will be paying for the acquisition in two phases, which will include Rs 4,675 crore initially and Rs 525 crore later on completion of certain conditions, according to an announcement made by Bombay Dyeing to the exchanges.
The Bombay Dyeing board met on Wednesday to approve the sale, and the same will have to be approved by shareholders, according to an official statement. The company’s scrip closed 6.93 per cent up at Rs 140.45 apiece on the BSE on Wednesday, against gains of 0.37 per cent on the benchmark.
The company reported a net debt of Rs 3,456 crore for the financial year ended March 2023 (FY23) on revenues of Rs 2,674 crore. It made a loss of Rs 517 crore in the same period.
The Wadia group owns 700 acres of land in and around Mumbai, housed under various companies and charitable trusts.
Real estate prices in central Mumbai have recovered after the pandemic and construction of key infrastructure projects, like Mumbai Metro connecting South Mumbai to airports and trans-harbour sea link, are nearing completion.
Almost 12,000 redevelopment projects are under construction in land-scarce Mumbai, an analyst said. Among India’s top cities, Mumbai in FY23 reported the highest real estate transactions with 25 land deals accounting for over 267 acres.
Other Latest News
.webp)
After Haryana, the BJP would also sweep the upcoming assembly elections in Maharashtra and Jharkhand, BJP president J P Nadda asserted on Friday.
Nadda, who paid obeisance at the Shri Naina Devi temple here, said the people were happy with the performance of the BJP government at the Centre led by Prime Minister Narendra Modi.
.webp)
Noel Tata, half-brother of the late Ratan Tata, has been unanimously elected as the chairman of Tata Trusts following the passing of the legendary industrialist Ratan Tata, CNBC-TV18 reported on Friday. Noel Tata is already a key trustee of the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust. He will now lead the trusts that hold a controlling stake in Tata Sons, the primary holding company of the Tata Group.
The move has long been anticipated, given Noel Tata’s close involvement with Tata Trusts and his extensive experience within the conglomerate.
.webp)
After the Haryana poll debacle, Congress MP and LoP Rahul Gandhi attended the review meeting called by party president Mallikarjun Kharge at his residence in Delhi. Among those present were the party's Haryana observers Ashok Gehlot, Ajay Maken, Deepak Babaria and KC Venugopal.
Sources said that the Congress MP remained largely quite, but when his turn came, he observed two things; one being that Electronic Voting Machines (EVM) and the Election Commission of India (EC) "have much to answer" and another was that "the local leaders were more interested in their own progress than that of the party", leaving a loud silence in the room.
.webp)
Former US President Donald Trump, who is campaigning for another term in the White House, promised to introduce a system of "reciprocal tariffs" if re-elected. In an economic policy speech in Detroit on Thursday, the Republican candidate singled out India, claiming it imposes some of the highest tariffs on foreign goods among major global economies.
This is not the first time Trump has criticised India for its tariffs. Just last month, he called the nation a "big abuser" of US trade relations.
.webp)
Tamil Nadu Chief Minister M K Stalin has announced a bonus and ex-gratia for 2.75 lakh employees of state public sector undertakings and statutory boards for the 2023-24 fiscal.
Accordingly, all eligible workers of profit making PSUs under group C and D will be paid a minimum bonus of Rs 8,400 and a maximum of Rs 16,800, amounting to 8.33 per cent bonus and an ex-gratia of 11.67 per cent, an official release here said.
.webp)
.webp)
.webp)
.webp)
.webp)
