Stakes on sell for Orbit Corporation

By Accommodation Times Bureau

Mumbai’s listed real estate firm Orbit Corporation is in talking terms with the local developers to sell its stakes in four projects three in Central and South Mumbai and one in 17 acre slum redevelopment projects in Santacruz.

The total debt of the company was Rs.887 by the June end out of which its trying to raise Rs. 450-500 crore by selling stakes in projects with an object to half its debt ratio by 0.4 times.

Apart from the Santacruz projects redevelopment in Lalbaug, Tardeo,Worli. Nobody is ready to comment particularly as they are expecting their financial results. The Santacruz redevelopment project involves 2,200 slums spread in 17 acres.

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