Sky Industries Limited sells Navi Mumbai factory, shifts manufacturing to Gujarat
What happened
Sky Industries Limited has received in-principle approval to sell its factory premises in Navi Mumbai, including the underlying land and assets. The company is simultaneously shifting its manufacturing operations from Navi Mumbai to a new facility in Gujarat. The company also approved moving its registered office to Chembur, Mumbai.
From equitybulls.com
Why it matters
The unit being sold contributed approximately 25 percent of the company's total annual turnover. Proceeds from the asset sale will be used to fund capital expenditure and operational requirements for the new facility in Gujarat.
From equitybulls.com
Who's involved
- Navi MumbaiLocation of the factory premises being sold by Sky Industries Limited
- GujaratDestination for Sky Industries Limited's new manufacturing operations
- MumbaiLocation of Sky Industries Limited's new registered corporate office
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- GujaratSpeculative
The state of Gujarat might see increased capital expenditure and tax base due to the operational shift of manufacturing capacity.
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The entities involved
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Navi Mumbai
Satellite city of Mumbai
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Gujarat
state of India
Related events
- A company operates from the state of Gujarat.
- Precision Wires India received regulatory approval from the Gujarat Pollution Control Board for its manufacturing operations in Gujarat.
- A factory for Shree Rama Multi-Tech Limited has been located in Gandhinagar, Gujarat, driven by consistent market demand.
- A turnover clause, stemming from Central Government Guidelines, is restricting market entry for firms operating in Gujarat.