RPG Cables looking to raise $33.5M from Mumbai land sale
RPG Cables Ltd, a division of the KEC International Ltd, is looking to sell its 7.5 acre land parcel at Thane in Mumbai, sources close to the development told VCCircle. The firm is part of Harsh Goenka-led RPG Enterprises.
A source, who has been sounded off regarding the transaction, said, “RPG Cables is looking to sell its land parcel which is located at Pokhran Road II at Thane and it is looking to raise close to Rs 30 crore per acre.”
The company is eyeing a total of Rs 225 crore from the land sale, the source said.
RPG Cables has recently initiated talks with regards to the land sale and is looking to close the deal soon. VCCircle could not verify the banker or parties who have evinced interest in the land parcel.
The RPG Enterprises spokesperson declined to comment on the development.
RPG Cables deals in power cables, telecom cables and turnkey contracting. It merged with group firm KEC International a few years ago. In October 2009, the company had sold off 36,418 square metres of surplus land situated at the same location in Thane for an aggregate consideration of Rs 51.50 crore to Windsor Realty Pvt Ltd.
RPG Cables is one of the oldest and largest fully integrated cable manufacturers in India. As of June 30, 2013, the company has a capacity to manufacture over 36,000 kilometres of power cables, 0.6 million core kilometres of jelly filled telecom cables and 0.365 million kilometres of optical fibre cables.
RPG Enterprises has more than 15 companies managing diverse business interests in the areas of tyre, infrastructure and IT. It is led by Harsh Goenka, one of the two sons of RP Goenka who passed away a few months ago. Sanjiv Goenka leads his separate business group which was spliced out of the larger RPG Group a few years ago.
(Edited by Joby Puthuparampil Johnson)
In a welcome move, the Ministry of Corporate Affairs on 19 July 2016 issued a notification amending the Compan