“The board in its meeting held on Monday, June 12 approved the start of the process for the sale of land at Chandivali farm, off Saki Vihar road, Mumbai,” DIC India said in a statement.
The transaction completion is subject to the fulfillment of customary and statutory conditions precedents, if any. Appropriate announcements shall be made on deal completion, it added.
The company’s first unit to manufacture printing inks, surface coatings and allied products came up in 1947 in Calcutta, and other manufacturing units were established in Chennai (1958), Mumbai (1960), Delhi (1966) and Noida (1990) in a phased manner, to cater to the demands of the local market.
In August 2013, DIC India informed the stock exchange regarding the closure of the Mumbai unit.
Meanwhile, shares of the company were trading at Rs 543.70 apiece, up 20 per cent from the previous close at 13:15 hours on BSE.