Japan’s Sumitomo Realty & Development Company will buy a 22-acre land parcel in central Mumbai from Bombay Dyeing for Rs 5,200 crore, the Wadias-run company said on Wednesday.
The sale of the land parcel in Worli is one of the biggest land sale transactions in the history of the financial capital.
Sumitomo’s subsidiary Goisu will be paying for the acquisition in two phases, which will include Rs 4,675 crore initially and Rs 525 crore later on completion of certain conditions, as per an announcement made by Bombay Dyeing to the exchanges.
The Bombay Dyeing board met on Wednesday to approve the sale, and the same will have to be approved by shareholders, as per an official statement.
The company scrip closed 6.93 per cent up at Rs 140.45 apiece on the BSE on Wednesday, against gains of 0.37 per cent on the benchmark.