Oberoi Realty acquires 6.4 acres in Thane near Mumbai

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The company is optimistic about prospects for the housing sector, led by the aspirations of home ownership by end-users.

Mumbai-based Oberoi Realty has acquired 6.4 acres of land in Thane near Mumbai from NRB Bearings Limited (NRB), according to a regulatory filing at the BSE.

"The above acquisition shall be completed upon fulfilment of certain terms and conditions of the MOU (memorandum of understanding),” the filing said in a reference to an agreement signed on May 23, 2023.

“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,” it said without disclosing the cost of the purchase.

On May 16, Oberoi Realty announced consolidated revenue of Rs 995.11 crore for Q4FY23, up from Rs 842.94 crore a year ago. Its consolidated post-tax profit was Rs 480.16 crore, up from Rs 232.78 crore in the previous year.

Source: moneycontrol.com

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