Alok Industries Divesting land

One of the larges textile firms of India, Alok Industries Ltd, with vast investments in real estate, is now divesting itself of some heavy acreage. News is that it is selling off a 73 acre portion from its 500 acre holding in Silvassa, Dadra and Nagar Haveli. It has also disposed off a part of a building in Lower Parel, Mumbai. It plans to lease out part of its premises in Peninsula Business Park in Lower Parel. In all they stand to gain Rs. 70 crore from these transactions.

According to the Chief Financial Officer of the company, Mr Sunil Khandelwar, this is just the start and the company will be selling off more of its real estate assets in the near future, targeting revenues of Rs. 1500 crores in the next 1.5 years. The reason apparently is that it has incurred debt of Rs. 9000 crores and the sales will partly pay off this huge liability. Tie this with Alok Industires’ merger with Grabal of UK, it seems the firm is moving away from real estate towards the retail chain store business.

olid w w e P3 �Q padding: 0in;mso-padding-alt:0in 0in 1.0pt 0in'>Outrageous property prices are not restricted to these two metros. We have news that a duplex apartment in Asiad Village, near the Siri Fort Sports Complex in South Delhi measuring only 189 sq. ft, went for a staggering Rs. 5.05 crores. It is a 3 BHK duplex with a courtyard and a garage in the famed Asiad Village complex built by DDA in 1992 and opened for public sale in 1986. It is aesthetic, is in a posh area and has everything going for it but Rs. 5.05 crores?