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« Tata Camelot ‘benefitted’ from MLAs? | Home | SALES SLUMP Unitech, HDIL post decline in profit »

Adanis exit realty, to put Mumbai sites on the block

AHMEDABAD: After making a grand foray into real estate and taking up several township projects, industrialist Gautam Adani’s flagship company Adani Enterprises (AEL) has decided to exit the real estate sector and focus on its core infrastructure business – mainly ports and power.

The announcement surprised market watchers in Ahmedabad, Mumbai and Gurgaon, where the group has large land-holdings and ongoing projects, which are being executed by subsidiary Adani Infrastructure and Developers (AIDL) .

“The board of directors has approved the proposal. The move will infuse additional liquidity in the company. We would be able to focus on our core businesses,” Devang Desai, executive director, AEL, said on Thursday. The AEL stock closed over 4% down at Rs 393 on the BSE on Thursday on the back of disappointing quarterly results.

Source: http://timesofindia.indiatimes.com/business/india-business/Adanis-exit-realty-to-put-Mumbai-sites-on-the-block/articleshow/11831589.cms

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