Bombay Dyeing and Manufacturing Ltd, is expecting to rake in Rs 900 crore by next year by selling a small part of the 8 lakh square feet commercial property it is developing in Dadar and Worli in central Mumbai, chairman Nusli Wadia said Tuesday.
That is a change from the companys initial plan to lease out the entire 4 million square feet that it is developing. Selling one-ninth of that will make the company debt-free, Wadia said.
In the first phase of development, 450,000 square feet of commercial property will be sold next year. This will bring in Rs 900 crore, which will make us debt free and resolve a lot of issues, Wadia said, while addressing shareholders at the companys annual general meeting.
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