Binny Ltd has decided to sell one more parcel of land at Vyasarpadi in North Chennai.
The company has informed BSE that at a meeting of its Board on Friday, it decided to sell 1.61 acres land in Vyasarpadi for a price of at least ₹24.58 crore. It has authorised Executive Chairman M Nandagopal and Managing Director Arvind Nandagopal to finalise the deal.
The company, formerly a textile major, decided to get into the real estate business and has announced plans to either jointly develop land parcels or sell off portions of its land bank. In recent months, it has sold two parcels of land in Perambur and announced a township scale joint venture development.