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Construction : Web Exclusive | December 2012 | Source : Construction Update

Alok Industries sells 6.15 lakh sq ft biz space for loss

Alok Industries, a textile major, has sold 6,15,000 sq ft of area in Tower B of the Peninsula Business Park building at an average of Rs 16,750 a sq ft or Rs 1,030 crore, said an executive. This is a loss of Rs 25 crore. In 2007, the company bought this property from Peninsula Land for Rs 1,055 crore or Rs 17,154 per sq ft.

The company sold the entire space in two tranches—3,15,000 sq ft earlier this year and 3,00,000 sq ft recently, the sources said.

Besides selling one floor to finance services company SICOM, it sold space to several banks and financial institutions in the Peninsula Business Park, the executive said.

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