Peninsula Land buys defunct mill in Byculla for Rs 650 crore: Report

Peninsula Land has reportedly purchased a defunct mill in Byculla, a Mumbai suburb for Rs 650 crore from joint owners Mahindra Lifespaces and the Kanoria family. The company is planning to develop a residential property over the land once all the approvals are in place, over the next 12 to 18 months. The company has funded the acquisition through its internal accruals and funds from its private equity partner. Peninsula Land is known for its concept-based architectures in the commercial, retail and residential sectors. The company is also known for its professional corporate management, international landmarks and value additions.