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Mafatlal Industries has approved a plan to sell its land in Mazgaon to Gilders Buildcon, an Ajay Piramal group company, for over Rs 600 crore, the company said in an announcement to the BSE, on Monday. The size of the land is about 30,910 sq.m.
As per the terms of the agreement, the developer – Gilders Buildcon – will construct a spinning unit and give it to Mafatlal Industries for recommencing spinning activity with a capacity of 10,000 spindles. The reserved area will be handed over to the municipal corporation for expansion of Veer Jeejamata Udyan. Mafatlal Industries will be entitled to receive non-cash compensation, that is, Transferable Development Rights for the same. The company will seek be able to sell such TDRs in the market, the notice said.
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