Kansai Nerolac sells 4.13 acre Lower Parel plot for ₹726 cr

The sale was in line with the company’s decision to monetise idle land parcels and put them to productive use and the board of directors had approved the proposal

Mumbai: Industrial paints major Kansai Nerolac Paints Ltd has approved the sale of its land in Lower Parel to Aethon Developers Pvt Ltd, a subsidiary of Runwal Developers Pvt Ltd, for ₹726 crore, the company said in a regulatory filing.

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The sale was in line with the company’s decision to monetise idle land parcels and put them to productive use and the board of directors had approved the proposal, which was presented to it on August 1, 2022.

“The sale is subject to completion of procedures and approvals as may be necessary in this regard,” the company said in a disclosure to the stock exchanges.

The land measuring 4.13 acres is on Ganpatrao Kadam Marg in Lower Parel, and is occupied by Nerolac House, the company’s former office. The building was vacated in 2022, when the office was relocated to a 36,000 sqft carpet area office space in Marathon Futurex near Lower Parel station in a deal transacted by international real estate services firm JLL, which has also facilitated the current deal with Runwal Developers, industry sources said.

Kansai Nerolac Paints, also the third largest player in decorative paints, had in January this year sold a 24-acre land parcel in Kavesar in Thane West to Shoden Developers, a part of House of Hiranandani group, for ₹655 crore.