Arvind to get Rs 2.5 billion from sale of land to joint venture partner Tata Housing
Textiles firm Arvind Ltd will get Rs 2.5 billion from sale of land to its equal joint venture with Tata Housing for an integrated township project in Ahmedabad, a senior official told Reuters on Friday.
The total project cost is estimated at Rs 12.5 billion and the company expects sales of over Rs 20 billion from it, Jayesh Shah, chief financial officer, said over the telephone.
Earlier in the day, the firm announced floating a joint venture with Tata Housing to develop 9 million square feet in the western city of Ahmedabad.
"We will start development in 3-4 months time. We have the land so we will be transferring the land to the JV for a value of 250 crore," Shah said.The Great Diwali Discount!
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