Clariant Chemicals completes Mumbai land sale to Lodha Group

hidden December 31, 2014 20:12:03 IST
Clariant Chemicals completes Mumbai land sale to Lodha Group

New Delhi: Clariant Chemicals (India) has completed the sale of 87 acres of land near Mumbai to realty major Lodha Group and received Rs 1,102.5 crore in full and final payment.

In April, Clariant Chemicals (India) had announced sale of this land parcel to the Mumbai-based realty company for Rs 1,154 crore.

Clariant Chemicals completes Mumbai land sale to Lodha Group

Lodha's Blue moon project in Mumbai

"The company has received an aggregate consideration of Rs 1,102.50 crore in full and final payment in connection with its agreement to sell its land located in Kolshet, Thane aggregating to about 87 acre to Ishwer Realty and Technologies Pvt Ltd (a subsidiary of Lodha Developers Pvt Ltd)," Clariant Chemicals (India) said in a BSE filing today.

Clariant Chemicals (India), the Indian arm of the Swiss-based Clariant International, had taken shareholders' approval to sell this land in July last year.

Lodha Group has been on a expansion mode and is buying land and commercial properties in India and overseas.

In 2012, Lodha Group had acquired a 17-acre land parcel at Lower Parel from DLF for Rs 2,725 crore.

Last year, it acquired Macdonald House in central London, which houses the Canadian High Commission, for over £300 million (over Rs 3,000 crore).

Privately-held Lodha Group is country's leading real estate developer with net sales exceeding Rs 8,700 crore in the financial year 2012-13.

PTI

Updated Date:

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