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Our Bureau

Mumbai, April 24

Orbit Corporation Ltd has acquired a two-acre plot belonging to Ambuja Cements Ltd in Kalina in the suburb of Santacruz, Mumbai, at a cost of Rs 333 crore. The real estate major, which is primarily focussed on redevelopment, said the deal signed by its affiliate company, Orbit Shelter, would permit it to build 2.75 lakh square feet. Mr Pujit Aggarwal, Managing Director, Orbit Corporation, said, "The acquisition of the plot is part of our long-term strategy to have a 30 per cent revenue mix of open plot development where we acquire property projects, develop them and sell them." The company intends completing the commercial project in two years. Its stock on BSE closed at Rs 167, up 5.25 per cent over Tuesday.

More Stories on : Announcements | Real Estate & Construction | Gujarat Ambuja Cements Ltd

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Orbit buys land from Ambuja Cem

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