Nilkamal Ltd sold stake in JV to IBML

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Nilkamal Ltd sold stake in JV to IBML

In a landmark transaction towards creating shareholder value, Nilkamal Bhoomi Developers Private Limited sold off shares they owned in Mumbai to India Blue Mountain Ltd.

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In a landmark transaction towards creating shareholder value, Nilkamal Bhoomi Developers Private Limited sold off shares they owned in Mumbai  to India Blue Mountain Ltd . (IBML) . A 1.2 acre plot on the Andheri - Kurla road was sold off by the company for a huge amount of Rs. 180 crores last week on Thursday. Nilkamal as partner for 50.01% invested Rs. 38 crore to acquire the land in April 2007 and the land has garnered them Rs. 48.5 crore in just 7 months time. The total amount invested to buy the land in April was Rs. 80 crore by the company.

Nilkamal Bhoomi developers Pvt Ltd. sold their shares to Blue Mountain Ltd. which is a venture fund investing in hotels. This was the only asset that belonged to the Parekh's' in this company. Mr. Nayan Parekh - Director Nilkamal Ltd said "this is a major development towards our endeavour to create shareholder value and the proceeds from the sale would give a boost in scaling up the existing operations of the company"

Nilkamal Ltd. can now deploy the cash inflow of Rs. 76.89 crore towards the funding of its expansion plans in the core operations of moulded plastic furniture, material handling business and it home solutions retail venture."  

The company also has extensive expansion plans for its retail venture - @home - the complete home solution store. @home is opening 6 new stores by March 2008 with investments planned of Rs.70 crores. It already has 10 stores opened in major cities like Mumbai, Pune, Bangalore, Hyderabad, Chennai, Nashik & Ahmedabad.

Sourced From: ICPAR