Empire Industries clarifies on news item

With reference to the news item appearing in leading financial daily titled "Empire Industries scaling new highs", Empire Industries Ltd has clarified to BSE that the Company has a total land of 18.63 acres (approx 8,11,522 Sq. ft) as shown below.

Place : Vikhroli - Acres : 11.64 - Sq. ft. : 5,07,038

Place : Lower Parel - Acres : 6.99 - Sq. ft. : 3,04,484

The Company is not considering sale of any land and hence is not aware of its value (Rs 1000 - Rs 1200 crores reported in the news item).

The Company has decided to construct a commercial building Phase-I having approx. 1,77,500 sq ft office space in vacant plot of the Company at Vikhroli, for giving the same on Leave & Licence basis to multinational Companies / banks at a total cost of Rs 25 crores approx. to be finance from the internal resources / term loans from banks.

Source : Equity Bulls

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