Bombay Dyeing & Manufacturing Company has received approval from Board of Directors to sell the land parcel of about 22 acres (along with the associated FSI) in Worli, Mumbai to Goisu Realty (a subsidiary of Sumitomo Realty & Development Company) (Buyer) in 2 phases, for a total consideration of about Rs 5,200 crore, subject to approval of its Shareholders. Upon approval of Shareholders, the company will receive about Rs 4,675 crore from the Buyer for Phase-I. The balance amount of about Rs 525 crore will be received upon completion of certain conditions by the company and execution & consummation of the definitive agreements thereto for Phase- II.
Bombay Dyeing & Manufacturing Company is the flagship company of the Wadia Group, engaged primarily in the business of Textiles.
