Nirlon to develop real estate assets worth Rs. 1,000 crore in Mumbai
Mumbai, September 25, 2006: Multi-product company Nirlon is making a real estate play that has driven up its share prices by over 40% in just a week. The company plans to develop land in Goregaon near Mumbai occupied by its tyre cord plant. The developed asset is likely to be valued at Rs. 1,000 crores.
The company had previously rented out surplus space in Goregaon as well as Tarapur as part of its rehabilitation plan. A number of companies in India are looking to unlock the value of their real estate assets to capitalise on the high prices driven by a shortage of quality space.
By INRnews Correspondent
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