KEC International has entered into an agreement for selling its land parcel admeasuring more than 7.3 acres to Ardent Properties Private Limited, a 100 per cent subsidiary of Tata Housing Development Company Limited, for Rs 211.7 crore ($35 million), as per a stock market disclosure.
The land is located at Pokhran Road No. 2, Thane in the central suburbs of Mumbai. The company expect to complete the formalities within three months.
RPG Cables Ltd, a division of KEC International Ltd, had put its land parcel in Thane for sale in August last year. VCCircle had first reported the development. Earlier, Peninsula Land, the Ashok Piramal Group's realty arm, had also looked at the asset, sources had indicated.
Tata Housing was also in the race to buy a bigger property from group firm Tata Steel. However, Oberoi Realty won that bid last week for a 25-acre land asset in Mumbai suburbs for Rs 1,155 crore ($190 million). This was at a price of around Rs 46 crore per acre against the latest deal where Tata Housing is acquiring the property for Rs 29 crore per acre.
Last year RPG Life Sciences Ltd sold the leasehold rights of its surplus land in Navi Mumbai to Maruti Suzuki India Ltd for Rs 76.91 crore.
(Edited by Joby Puthuparampil Johnson)