Mumbai-based has entered into a memorandum of understanding (MoU) to acquire 100 per cent shareholding in Woollen and Textile Industries Ltd for ₹148 crore, the company announced. This marks the listed real estate developer’s second acquisition in Bhandup West.
The deal includes a 14,363.60 square meter land parcel located in Bhandup West. The acquisition forms part of Arkade’s expansion strategy in Mumbai’s central corridor, where it has been consolidating its presence through strategic land purchases.
“This proposed acquisition underlines Arkade Developers’ vision of creating value-driven developments at strategic locations,” said Amit Jain, Chairman and Managing Director of Arkade Developers. The company emphasized its focus on timely delivery and quality construction in unlocking the land’s potential.
The acquisition strengthens Arkade’s footprint in the Metropolitan Region’s central corridor, adding to its existing portfolio that includes Arkade Earth in Kanjurmarg spanning 4 acres, Arkade Nest in Mulund covering 2 acres, and Arkade Rare in Bhandup spread across 3 acres. The company recently announced its entry into the Thane market with a 6.28-acre land acquisition.
Arkade Developers, listed on both BSE and NSE, has a 39-year legacy in Mumbai’s real estate sector. The company has completed 31 projects and developed over 5.5 million square feet of property, with an additional 2+ million square feet currently under construction.
The shares of Arkade Developers Limited were trading at ₹179.99 up by ₹ 3.76 or 2.13 per cent on the NSE today at 3.10 pm.