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Mumbai-based developer D. B. Realty has acquired 100 per cent stake in L&T Bombay Developers, which is a special purpose vehicle (SPV) formed by L&T Urban Infrastructure and Bombay Dyeing and Manufacturing Company to redevelop MIG Colony at Bandra (East) in Mumbai.

 

The MIG Colony society had awarded the redevelopment contract to the special purpose vehicle of L&T- Bombay Dyeing combine. The area earmarked for redevelopment was 20,000 sq metres.

D. B. Realty has bought out the entire equity holding of the SPV in which both L&T Urban and Bombay Dyeing held 50 per cent each.

 

The decision to exit was mutual from both the parties as the combine saw no visibility or momentum in the project after four to five years. L&T's responsibility was construction and marketing while Bombay Dyeing was vested with securing approvals for the project.

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