Mumbai, Sep 15 (PTI) Japan's Sumitomo Realty & Development Company will buy a 22-acre land parcel in central Mumbai from Bombay Dyeing for Rs 5,200 crore, the Wadias-run company said on Wednesday.

The sale of the land parcel in Worli is one of the biggest land sale transactions in the history of the financial capital.

Also Read | RBI Assistant Recruitment 2023: Vacancies Notified for 450 Assistant Posts, Apply Online at opportunities.rbi.org.in.

Sumitomo's subsidiary Goisu will be paying for the acquisition in two phases, which will include Rs 4,675 crore initially and Rs 525 crore later on completion of certain conditions, as per an announcement made by Bombay Dyeing to the exchanges.

The Bombay Dyeing board met on Wednesday to approve the sale, and the same will have to be approved by shareholders, as per an official statement.

Also Read | How To Watch Belgium vs Estonia, UEFA Euro 2024 Qualifiers Live Streaming Online in India? Get Free Live Telecast Details of Football Match on TV.

The company scrip closed 6.93 per cent up at Rs 140.45 apiece on the BSE on Wednesday, against gains of 0.37 per cent on the benchmark.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)