Calcutta, Dec. 26: Industrial gas manufacturer BOC India has sold a plot of land in Hyderabad for Rs 75 crore.
In a notice to stock exchanges, the company said it had received Rs 62.22 crore in the first tranche of the sale. The remaining amount would be available to the company within the next three months.
The company has entered into an agreement with a developer under which it will receive 25 per cent of the developed area as sale proceeds. The company has encashed 80 per cent of the net sale amount.
BOC had in the past sold idle assets and ploughed back the money into its core business.
The land sale comes at a time when the company has started a massive expansion programme in the country.
BOC has drawn up a plan to invest Rs 1,350 crore in the next three years to invest in various projects. About 50 per cent of the fund will be used by the end of 2008.
Earlier this month, BOCs foreign promoter Linde AG announced that it would chip in with Rs 597 crore by way of a preferential issue. Linde AG would buy shares at Rs 165 per share. BOC Indias capital expansion will involve new business opportunities including building a new plant in north India and ongoing projects.