Mumbai-based Bombay Dyeing and Manufacturing Company Limited (BDMC) of the Wadia Group made a key announcement about the deal on Wednesday. It has agreed to sell its 22 acres of land in Worli to Sumitomo Realty and Development Company Limited of Japan. It is remarkable that its value is Rs. 5200 crores. That means more than Rs.236 crore per acre. It seems that this is the biggest land deal in Mumbai. Experts say that this is the biggest deal in the country.
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Bombay Dyeing Company has informed the exchanges to this extent. The board of directors on Wednesday approved the proposal to sell it in two phases, it said. It said that the total value is considered to be Rs.5200 crore. 4675 crores as part of the first phase and Rs. 4675 crores as part of the second phase. 525 crores will come.
Bombay Dyeing Company said the sale is to strengthen the company’s balance sheet to fund future real estate projects. Wadia Group Chairman Nusil Wadia also expressed happiness over this deal. Bombay Dyeing Company’s share soared in Wednesday’s session following the announcement of this deal. Simultaneously, it increased by 6.93 percent and settled at Rs.140.50. The market value of this company is Rs.2.90 trillion.
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