November 1, 2006
The media had reports that Dcm Shriram Consolidated Ltd is set to sell 37 acres of land in Najafragh (Outer Delhi) for Rs. 1600 crores.
The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.
Dcm Shriram Consolidated Ltd has vide its letter inter-alia stated, "There is a land parcel of 112 acres at Shivaji Marg, New Delhi out of which 37.94 acres has become available for development consequent upon relocation of our textile units in pursuance with the decision of Hon'ble Supreme Court in 1996. 50% of this land was sold to JV partner in 1996 itself and therefore the Company owns only 50% of the said land as of now. The Company has applied for permissions for developing the aforesaid land, which are still to be received from the sanctioning authorities. We may mention that various organizations did show interest in the past for purchase of this land. However, the Company is at present pursuing the process for development of the property on its own along with its JV partner."
Source: National Stock Exchange of India Limited
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