Yash Birla group and Mumbai based Nahar group will develop a land parcel in South Mumbai’s Tardeo neighborhood, after entering into a joint venture. The property that is less than an acre has a been valued at Rs. 34 crores and since it is an equal joint venture, Nahar has paid its share of Rs. 17 crores. The redevelopment also involves resettling the tenants thereof.
The Economic offences wing had recently slapped a penalty of Rs. 214 crore on Yash Birla Group, and sales and profits of the company have shown a decrease.
Birla Cotsyn’s sales were at Rs. 30.37 crore and losses at Rs. 21.48 crore in the same period.
Source : The Business Standard