DCM Shriram gets Rs 837.50 cr for land sale to DLF
DCM Shriram Consolidated Ltd has approved the sale of the company's 50% rights, titles and interests in SBM Land Redevelopment Project.
By INDIATIMES NEWS NETWORK |
MUMBAI: DCM Shriram Consolidated Ltd has approved the sale of the company's 50% rights, titles and interests in SBM Land Redevelopment Project. The company signed binding agreements with BES Buildcon (P) Ltd, a subsidiary of DLF Ltd, to this effect.
SBM Land Redevelopment Project has an area of 38 acres for development as on date after surrendering about 74 acres to the Delhi Development Authority.
The land is situated in West Delhi, about 10 km from Connaught Place.
The total project has been valued at Rs 1,675 crore. DCM Shriram has received Rs 837.50 crore “immediately” as consideration for the sale.
“We intend using the cash realized from this transaction to part fund our expansion plans and new initiatives while simultaneously enhancing the quality of our balance sheet,” Ajay Shriram, chairman & senior managing director, and Vikram Shriram, vice chairman & managing director, said in a joint statement.
SBM Land Redevelopment Project has an area of 38 acres for development as on date after surrendering about 74 acres to the Delhi Development Authority.
The land is situated in West Delhi, about 10 km from Connaught Place.
The total project has been valued at Rs 1,675 crore. DCM Shriram has received Rs 837.50 crore “immediately” as consideration for the sale.
“We intend using the cash realized from this transaction to part fund our expansion plans and new initiatives while simultaneously enhancing the quality of our balance sheet,” Ajay Shriram, chairman & senior managing director, and Vikram Shriram, vice chairman & managing director, said in a joint statement.
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