Textile maker Bombay Dyeing today said it has joined hands with Larsen & Toubro Ltd in a 50:50 joint venture for a real estate project in the metropolis.
MUMBAI: Textile maker Bombay Dyeing today said it has joined hands with Larsen & Toubro Ltd in a 50:50 joint venture for a real estate project in the metropolis.
"We have entered into a joint venture agreement with L&T for a re-development project at Bandra-Kurla complex. The project will be taken by a separate company in which both Bombay Dyeing and L&T would have 50 per cent stake each," Bombay Dyeing chairman Nusli Wadia told shareholders at the company's 127th annual general meeting here on Wednesday.
"We are making substantial investments in the real estate business in the next two years. The first redevelopment project has been identified and the development work has already started," he said.
Commenting on company's real estate foray, Wadia said "the decision to develop the two properties will tend to insulate the financial performance in the coming years from downturns."
Bombay Dyeing proposes to develop balance 3.4 million sq ft of land for residential, retail and commercial purposes, he said, adding that the company's residential tower at Spring Mills, Dadar, has commenced and more than 60 per cent of the apartments have already been sold at the rate of 17,900 per sq feet.
Wadia said the remaining flats will be sold withing the current financial year. The construction of the residential tower will be completed within the next 15-18 months.
Work has also commenced on shopping centre and commercial offices which are part of the initial development phase, both at the Dadar and Worli locations, where the company has closed its weaving and processing operations, he added.
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