Alok Industries makes realty exit in loss

Alok Industries, a Textile major has exited, for a loss, its five-year-old real estate investment in an office building at the Lower Parel area of this city. The company has sold 615,000 sq ft of area in Tower B of the Peninsula Business Park building at an average of Rs 16,750 a sq ft or Rs 1,030 crore, said an executive. This is a loss of Rs 25 crore. In 2007, the company bought this property from Peninsula Land for Rs 1,055 crore or Rs 17,154 per sq ft. The company sold the entire space

Lower Parel real estate, real estate Alok, Alok Industries reality losses, Peninsula Business Park building, UK retail venture, Mumbai's commercial office space