Binny has received an approval for sale of 14.16 acres of land located at Perambur Barracks Road, Perambur in Chennai. The board of directors at its meeting held on October 17, 2013 has discussed elaborately the modified Memorandum of Understanding (MOU) for the sale of the said land. The sale of 14.16 acres of land for a sale consideration of Rs 490 crore to Landmark Housing Projects Chennai was approved, subject to the approval of the shareholders and other applicable provisions, if any, of the Companies Act, 1956.
Besides, the Executive Chairman and Managing Director of the company were authorized severally to execute and sign the MOU, agreement for sale to be entered into with Landmark Housing Projects Chennai and any other document and papers viz. Power of Attorney in favour of the proposed buyer, etc., for and on behalf of the company.
Binny is engaged in the business of marketing textiles goods, marketing engineering and other products, shipping related business, operating cold storage at Cochin, travel agency business approved by IATA and TAI, real estate and Container Freight Station.