Paint maker Kansai Nerolac Paints Ltd on Tuesday (December 26) said it has signed a pact with Aethon Developers Private Ltd, a subsidiary of Runwal Developers Private Ltd, for the sale of the company’s land parcel at Lower Parel for ₹726 crore.
"The Board of Directors of the Company has approved a proposal for entering into an agreement for sale with Aethon Developers Private Limited, subsidiary of Runwal Developers Private Limited, for the sale of the company’s land parcel at Lower Parel together with building thereon, for a consideration of ₹726 crore," the company stated.
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"Accordingly, the company has entered into an agreement for sale with the purchaser. The sale is subject to the completion of procedures and approvals as may be necessary in this regard,” the company added.
In July 2023, Kansai Nerolac Paints sold its land parcel in Thane to the Hiranandani Group for a total consideration of ₹ 671 crore.
The company entered into a deed of conveyance for the sale of a total area of 97,090 square metres together with the transfer of rights in land measuring 6,300 square metres at Kavesar, Thane, to Shoden Developers Pvt Ltd, a group company of the Hiranandanis.
Shares of Kansai Nerolac Paints Ltd ended at ₹323.80, up by ₹1.60, or 0.50%, on the BSE.
