BOC India has sold off the land of its closed factory at Yeshwanthpur, Bangalore for Rs 48.9 crore.
In an intimation to the stock exchanges, BOC has informed bourses that the company had discontinued all operations at its erstwhile Yeshwanthpur plant in November 2004 consequent upon the commissioning of a liquid compression plant in Peenya Industrial Area in Bangalore.
The profit arising from this transaction would be reported in the financial results for the quarter ending on September 30, 2005.
The company was expecting significant growth in the year following the boom in the steel market.
The company expected the market for gases for steel sector was expected to be in the region of Rs 1,500 crore over the next 4-5 years.
Steel accounted for 70 per cent of BOC's turnover. However, the company was endeavouring to grow its non-steel business and expected the ratio to be 50:50.