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VXL Instruments has sold its property in Electronic City, Begur Hobli, Bengaluru, to Methode Electronics India Private Ltd. The land and building was developed for a different product era where manufacturing continued till the early part of 2000, the company said in a notice to the BSE. These products required substantially more manpower and space and had to be phased out due to changes in technology/international markets, it added. The current business model comprises products which require less space for manufacture and more space for product and software design and development. It was therefore, financially more viable to shift operations to a smaller rented place. Simultaneously, the sale would unlock value in the property which would also help bring down the carry forward losses and make the balance sheet healthy, it added. Shares of the company were last traded on September 28 at ₹8.37 on the BSE.
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