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Media Video demerges real estate business

Written by: Staff
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New Delhi, Dec 4 (UNI) Consumer electronics company Media Video Ltd, today said it will demerge its real estate division, MVL into MVL Infrastructure Ltd.

The move is significant as the company already has projects worth Rs 2,500 crore across NCR, Rajasthan and Haryana to be executed in next 2-3 years.

The demerger would also result in merging a wholly-owned real estate subsidiary of Media Video and six other associate/ group/promoter's companies, which are developing a township project in Yamuna Nagar with MVL Infrastructure Ltd.

''With this demerger, we have reaffirmed our commitment to provide quality and benchmark projects across the country. The restructuring is aimed at having a fully dedicated organisational structure and management team for both the lines of businesses,'' MVL CMD Prem Adip Rishi said.

UNI DKS SBA VC1916

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