BDMC to sell 22 acres of land in Worli for Rs 5,200 cr

The Board of Directors of the Bombay Dyeing and Manufacturing Company Limited (BDMC) has approved a proposal to sell 22 acres of land along with the associated floor space index (FSI) in Worli, Mumbai, to Goisu Realty Private Limited, a subsidiary of Sumitomo Realty & Development Company Limited in two phases, for Rs  5,200 crore.

According to the decision taken at a meeting held on Tuesday, the BDMC will receive about Rs 4,675 crore from the Buyer in Phase-I and the balance amount of Rs 525 crore will be received on the completion of certain conditions by BDMC and execution of agreements for Phase-II.