Nilkamal sells realty arm for Rs 180 cr to Blue Mountains

New Delhi, Dec 14 (UNI) Nilkamal Ltd, along with Bhoomi Realty India Pvt Ltd today said it will sell its shares in Nilkamal Bhoomi Developers Pvt Ltd for a total consideration of Rs 180 crores to India Blue Mountains Ltd (IBML).

Nilkamal Bhoomi Developers Pvt Ltd had acquired the property in April 2007 for a total consideration of Rs 38 crores, said a statement.

''This has been a highly value accretive deal for the Company, considering that within a span of less than eight months, the Company has garnered a gain of Rs 48.45 crores for its 50.01 per cent stake,'' the statement added.

The Company said it can now deploy the cash inflow of Rs 76.89 crores towards funding its expansion plans in the core operations of moulded plastic furniture, material handling business and its home solutions retail venture.

Managing Director of the company Sharad Parekh referred this as a major development towards its endeavour to create shareholder value and the proceeds from sale would also give boost in scaling up the existing operations.

UNI