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KK Bangur Group-controlled GKW Ltd has announced to the NSE that it has signed an agreement to sell its unused industrial land along with structures in Pune to Western India Forgings Pvt Ltd for ₹18.28 crore.
The company, which has stopped its manufacturing operations long ago, has industrial land in Maharashtra and West Bengal.
In Mumbai suburb Bhandup, the company holds 34.57 acres. According to real estate market analyst, this land could fetch more than ₹2,500 crore.
The company also has 74 acres at Andul near Kolkata. Currently, it has rented out part of this property as warehouse.
GKW completed its 16.70-acre Bengaluru land (at Rajajinagar) sale deal for ₹356 crore with Phoenix Group in May 2014 under sanction from the Mumbai High Court.
In 2008, Phoenix group, got interested it GKW’s land bank across the country and picked up shares from the market.
Currently, Phoenix Group has 9.80 per cent stake in the company.
The ₹10 face valued share on Tuesday closed at ₹552, down 1.43 per cent, on the NSE.
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