RPG Life Sciences Ltd (RPGLS), part of the Kolkata-based RPG Enterprises, has sold the leasehold rights of its surplus land amounting to 14,149 square metres to Maruti Suzuki India Ltd. The car manufacturer has acquired the land located in TTC Industrial area in Navi Mumbai, the harbour suburb of Mumbai, for Rs 76.91 crore ($13.5 million).
RPGLS had acquired a land admeasuring 48,632 square metres on a 95-year lease from Maharashtra Industrial Development Corporation
(MIDC). Of the entire land acquired, this portion was surplus land and thus has been leased out to Maruti Suzuki.
The proceeds from the transaction will be used for reducing the company’s debt and investing in projects to drive its growth, said Ajit Singh Chouhan, managing director of RPGLS.
RPGLS is an integrated pharmaceutical company operating in branded formulations, global generics, synthetic and fermentation API verticals. It exports its products to Europe, Latin America, Canada and Southeast Asian countries.
(Edited by Joby Puthuparampil Johnson)