Industrial paints company Kansai Nerolac Paints has approved the sale of its land parcel in Mumbai’s Lower Parel to Aethon Developers, a subsidiary of Runwal Developers, for Rs 726 crore, the company said in a regulatory filing. The sale is in line with the company’s decision to monetise land parcels that are not being put to productive use, and the board of directors had approved the proposal, which was presented to it on August 1, 2022. The sale is subject to completion of procedures and approvals as may be necessary in this regard, the company said in a disclosure to the stock exchanges.
A building, which is located within the land parcel, would also be sold to the Runwal arm as part of the sale agreement. The land measuring 4.13 acre is adjacent to Ganpatrao Kadam Marg in Lower Parel, and is occupied by Nerolac House, the company’s former office. The building was vacated in 2022, when the office was relocated to a 36,000 square foot (sqft) carpet area office space in Marathon Futurex near Lower Parel station in a deal transacted by real estate services firm JLL, said industry sources.
Kansai Nerolac Paints had in January 2023 sold a 24-acre land parcel in Kavesar in Thane West to Shoden Developers, a part of House of Hiranandani Group, for Rs 655 crore. The company entered into a deed of conveyance for the sale of a total area of 97,090 square meter together with the transfer of rights in land measuring 6,300 square meter at Kavesar, Thane, to Shoden Developers.
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