Bajaj Corp has acquired Uptown Properties and Leasing (Uptown), which owns a plot of land at Worli in Mumbai. The company had acquired Uptown on September 28, 2011. The aggregate cost of acquisition was Rs 75 crore, comprising of taking over of net liabilities of Rs 49.50 crore and purchase of the entire paid-up equity share capital from its existing promoters at an aggregate consideration of Rs 25.50 crore.
Consequently, Uptown has become a wholly owned subsidiary of the company with effect from September 28, 2011. The aforementioned plot of land is proposed to be developed for the corporate office. Uptown is presently not engaged in any business activity.
Bajaj Corp is engaged in the manufacturing of hair oils. The company markets its hair oil under the brand names Brahmi Amla, Amla Shikakai and Jasmine hair oil.
