Business Daily from THE HINDU group of publications
Friday, Aug 17, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Aug 17, 2007 ePaper |
|
|
|
|
|
|
|
Corporate
-
Alliances & Joint Ventures Industry & Economy - Real Estate & Construction DSCL completes land deal with DLF subsidiary
The total project has been valued at Rs 1,675 crore; DSCL received Rs 837.50 crore immediately on signing the agreement.
Our Bureau New Delhi, Aug 16 DCM Shriram Consolidated Ltd (DSCL) today signed a binding agreement with BES Buildcon (P) Ltd, a subsidiary of DLF Ltd, for selling its 50 per cent rights, title and interests in SBM Land Redevelopment Project, according to a company release. SBM Land Redevelopment Project has an area of 38 acres for development in prime location in Delhi, approximately 10 km from Connaught Place. Out of the many proposals received by the company the offer received from DLF Ltd. was considered and accepted as best offer, the release added. The total project has been valued at Rs 1,675 crore. DSCL owns 50 per cent undivided rights and titles in this land redevelopment project. Accordingly, DSCL has received Rs 837.50 crore immediately on signing of the agreement to sell. In a joint statement, Mr Ajay Shriram, Chairman and Senior Managing Director, and Mr Vikram Shriram, Vice Chairman and Managing Director, said: “It has been on our mind to monetise this asset to support our growth plans. The sale of the project represents a well-considered exit option at a satisfactory price, to a reputed company.” They added: “We intend using the cash realised from this transaction to part-fund our expansion plans and new initiatives, while simultaneously enhancing the quality of our balance sheet.”
More Stories on : Alliances & Joint Ventures | Real Estate & Construction
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2007, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|