KEC International has sold 7.3 acres of land in Maharashtra's Thane district, near Mumbai, to Ardent Properties, a subsidiary of Tata Housing Development Company Ltd (THDCL), for about Rs 211.70 crore.
The company has signed an agreement to sell the property and expecting to complete the formalities in about 3 months, KEC International said in a statement today.
"KEC International Ltd has entered into an agreement for sale of its freehold land admeasuring more than 7.3 acres at the rate of Rs 29 crore per acre with Ardent Properties Private Limited, a 100 per cent subsidiary of THDCL," the flagship firm of the RPG Group said.
The land is located at Pokhran Road No 2, Village Majiwade Taluka and District Thane in Maharashtra, it added.
KEC International is a leading EPC (Engineering, Procurement and Construction) company, having presence in about 50 countries. Its businesses includes power transmission, power systems, cables, railways, telecom and water.
Tata Housing is the real estate arm of Tata group. The company had recently bought a 20-acre land parcel in north Bangalore for about 120 crore from Alstom and a one acre land parcel at Hailey road in Delhi.
The company is currently developing 70 million sq ft of area and an additional 19 million sq ft is in pipeline. It has ventured into Maldives market and is actively exploring other markets including Sri Lanka and other South Asian countries.
Following the announcement of the land sale, shares of KEC International touched 52-week high in the morning trade. At 1400 hours, it was quoted at Rs 68.50 apiece, up 1.18 per cent from the previous close.