Mafatlal Industries signs Agreement to Sale for 72000 sq. meters land worth Rs15.10cr; Stock gains over 1%

The company will sell land along with the structures thereon situated at Navsari, to Goldi Solar Private Limited & Associates.

Sep 17, 2021 10:09 IST India Infoline News Service

IT Stocks Up
Mafatlal Industries Limited has signed an Agreement to Sale certain lands admeasuring ~ 72000 sq. meters (subject to joint measurements and surveys) along with the structures thereon situated at Navsari, to Goldi Solar Private Limited & Associates for a total consideration of Rs15.10cr.

The company said in a filing on Friday that the manufacturing operations at Navsari units are closed for the last two years. The total income of the company FY20 was Rs1062.12cr and FY21 at Rs.637.8cr.

Total income of Denim Unit at Navsari FY20 at Rs80.95cr for FY21 Rs13.97cr (on account of sale of old machinery, Scrap, inventory and stores & spares.)

The agreement to sale was executed by the company on September 16, 2021 with the Purchaser at Navsari.

At around 10.55 am, Mafatlal Industries Ltd stock was trading at Rs145 per piece up by Rs1.9 or 1.33% from its previous closing of Rs143.10 per piece on the BSE.

“The sale/disposal will be completed based on the milestones mentioned in the agreement. The Company expects to receive the entire consideration on or before 3.5 months of entering into agreement unless the extension of time not exceeding 15 days provided by the Company to complete the transaction.

The conveyance deed/sale deed will be executed after the said period on receipts of entire consideration and agreed milestones and terms mentioned in the agreement,” company said in a filing on Friday.

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