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| HDIL to buy HMT's Kochi property for Rs 200 cr |
| Monday, September 3, 2007 |
According to sources, HDIL is in talks to buy HMT's 7 million sq-ft property in Kochi. The HDIL-HMT land deal size is likely to be about Rs 200 crore, the sources added. At this amount, it will work out to Rs 5 per share for HMT. The management has not responded on the deal yet.
From the earlier managements of HMT, it is learnt that they were eventually looking out for this kind of a value for most of their properties across India. There is no information on exact deal sizes and exactly how much these properties could be valued at.
HMT has about 100 acres of land in Kerala, around 800 acres in Haryana and around 500 acres in Hyderabad. Haryana being a prime property, it could fish out the maximum value of all the four India properties they have across pan . As of now, there is no word from the management of HMT.
HDIL too has refused to comment on the development. But of late, HDIL has been on a buying spree. They recently signed an MoU to buy Eveready’s 15 acre property in Navi Mumbai for Rs 115 crore. They are also buying Kilburn’s 8.32 acres in Bhandup for Rs 124 crore.
Source : //moneycontrol.com |
posted by India Properties @ 2:30 AM  |
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