MUMBAI: Mukand Ltd, a speciality steel manufacturer, on Monday announced that it has concluded the sale of its 25-acre land at Kurla in Mumbai with a consortium of developers for Rs 221 crore.
As per the MoU entered with the buyers, the entire payment would be made in instalments by the end of January.
The proceeds from the sale will be used for repayment of part of the debts and to part-finance the ongoing expansion plants of the company.
It is investing Rs 120 crore for increasing its capacity and setting up downstream facilities at both its plants.
The purchasers of the property are Offbeat Developers Pvt Ltd and Graceworks Technologies Pvt Ltd. The promoters of these companies include real estate focussed venture capital fund, Kshitij Venture Capital Fund/Horizon Venture Fund (a Pantaloon Retail India Ltd group venture of Mr Kishore Biyani. The others include Asia Pacific Centures, a real estate venture fund based in Singapore, Ashok Apparels Pvt Ltd and A.R Enterprises Pvt Ltd, an Ashok and Atul Ruia Group company, and HBS Realtors Ltd, an Arihant Developer Group company promoted by Mr Sandeep Shah.
According to Mukand, the consortium plans to set up an IT park, a hotel and a shopping mall.