INDIA BUSINESS WORLD - DECEMBER 16^th - DECEMBER 31^st - 2007

NILKAMAL SELLS STAKE IN JOINT VENTURE TO INDIA BLUE MOUNTAIN LTD. (IBML)

In a landmark transaction towards creating shareholder value, Nilkamal Bhoomi Developers Private Limited sold off shares they owned in Mumbai to India Blue Mountain Ltd. (IBML). A 1.2 acre plot on the Andheri - Kurla road was sold off by the company for a huge amount of Rs. 180 crores last week. Nilkamal as partner for 50.01% invested Rs. 38 crore to acquire the land in April 2007 and the land has garnered them Rs. 48.5 crore in just 7 months time. The total amount invested to buy the land in April was Rs. 80 crore by the company. Nilkamal Bhoomi developers Pvt Ltd. sold their shares to Blue Mountain Ltd. which is a venture fund investing in hotels. Nayan Parekh, director, Nilkamal said, "this is a major development towards our endeavour to create shareholder value and the proceeds from the sale would give a boost in scaling up the existing operations of the company."