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Deepak Nitrite puts 3-acre Pune land parcel on the block

Vadodara-based chemicals producer Deepak Nitrite Ltd has put a land parcel in Pune measuring 12,141 square metres or around 3 acres on the block, the company said in a stock market disclosure. The land parcel is located in Sinhagad Road in Pune and will be sold once approvals are in place.

The board of directors of the company approved sale of the land in a meeting held on June 23, 2014.

The proposal to sell the land is in line with the view of the company to monetise unutilised assets, the firm said.

Deepak Nitrate is a leading producer and supplier of organic, inorganic and fine chemicals. Established in 1970, the company has manufacturing facilities at Nandesari and Dahej in Gujarat, Roha and Taloja in Maharashtra, and at Hyderabad in Andhra Pradesh.

Two other land deals in Pune early this year fetched Rs 5-10 crore per acre which is what the company may be looking to garner with the asset sale.

Pune-based real estate developer Kolte-Patil Developers Ltd acquired a 34-acre land parcel at Wakad in Pune for Rs 350 crore and in another deal the same developer teamed up with ASK Real Estate Special Opportunities Fund, a fund managed by ASK Property Investment Advisors Pvt Ltd, to acquired a 30-acre land parcel at Kondhwain in Pune for Rs 160 crore.

(Edited by Joby Puthuparampil Johnson)

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