Oberoi Realty has entered into a memorandum of understanding with NRB Bearings (NRB) for acquiring the land admeasuring approximately 25,700 sq meters (about 6.4 acres) (as per title deeds) located at Pokhran Road 2, Thane, the company said in a BSE filing.
The company has also made payment of part consideration amount to NRB, and the balance consideration shall be paid on and/ or before the closing of the transaction.
The above land is contiguous to the existing lands owned by the company admeasuring approximately 2,72,344 sq meters (about 68 acres), it said in the regulatory filing.
The company recently reported a growth of 106.71 per cent in its net consolidated profit during the quarter ended March 31, 2023. Its profit after tax stood at Rs 480.29 crore in Q4 FY23 as against Rs 232.35 crore it registered in the corresponding quarter of the previous fiscal.
It’s net consolidated total income stood at Rs 995.11 crore, a growth of 18.05 per cent from Rs 842.94 crore it recorded in the similar quarter last year.