Lodha Developers acquires textile mill property from DLF

November 1, 2012 By Lodha Web

Lodha Developers acquires textile mill property from DLF

Acquisition is for Rs.1,225 cr, while an additional Rs.1,500 cr has been paid to DLF, says Abhinandan Lodha Bangalore: Lodha Developers Ltd has completed its acquisition of the 17-acre Mumbai textile mill property at Worli from DLF Ltd, the company said on Thursday. In August, Lodha Developers had entered into an agreement withDLF to buy the latter’s subsidiary Jwala Real Estate Pvt. Ltd, which owns this property. The acquisition is for Rs.1,225 crore, while an additional Rs.1,500 crore has been paid to DLF against their loans utilized for project expenses, said Abhinandan Lodha, deputy managing director, Lodha Developers.

Bangalore: Lodha Developers Ltd has completed its acquisition of the 17-acre Mumbai textile mill property at Worli from DLF Ltd, the company said on Thursday. In August, Lodha Developers had entered into an agreement withDLF to buy the latter’s subsidiary Jwala Real Estate Pvt. Ltd, which owns this property. The acquisition is for Rs.1,225 crore, while an additional Rs.1,500 crore has been paid to DLF against their loans utilized for project expenses, said Abhinandan Lodha, deputy managing director, Lodha Developers.

“We have concluded the acquisition of this large and important asset within the agreed timeframe of less than three months,” he added. “In a generally tough economic environment, this acquisition exhibits our company’s ability to execute large scale transactions and projects, and arrange finances at very competitive costs. Our strong internal cash flows have enabled us to make the entire payment, without taking any high-cost funding,” said Lodha.