Binny to diversify into real estate sector

Binny has decided to diversify into real estate development, commodity trading and power. In this regard, the company has received its board’s approval to acquire a 37 MW wind farm from Mohan Breweries and Distilleries, which has made an offer price of Rs 120 crore. Binny will make an advance payment up to 25 per cent of the offer price and will finalise details of the transaction. It will seek statutory clearances before proceeding with the deal. Mohan Breweries will refund the advance if the deal does not go through. At present, Binny is engaged in the business of marketing textiles goods, marketing engineering and other products, shipping related business, operating cold storage at Cochin, travel agency business approved by IATA and TAI, real estate and Container Freight Station.