Glass Works sells Andheri plot for R830-crore

In a big-ticket land-sale deal, Borosil Glass Works has sold an 18-acre plot in Andheri to Neepa Real Estate Private Limited for Rs 830 crore.

In a big-ticket land-sale deal, Borosil Glass Works has sold an 18-acre plot in Andheri to Neepa Real Estate Private Limited for Rs 830 crore.

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Borosil has sold the plot in a bid to unlock value from the land and give maximum value to its shareholders, the company said on Friday.

Borosil’s vice-chairman and managing director P.K. Kheruka said: “In the interest of generating maximum value for the shareholders, we considered this as an opportune time to unlock value from the sale of the Mumbai real estate property.”

The company plans to deploy the sale proceeds into business opportunities that would

maximise shareholder value, it said.

“We will evaluate and deploy the sale consideration after due consideration of strategic business opportunities, in a manner that results in maximisation of shareholder value,” Kheruka added.

The property is located at Marol in Andheri (East) where the real estate market has experienced an immense growth in the past few years primarily driven by commercial and residential development.

Ambit Corporate Finance acted as the exclusive financial advisor to Borosil on the transaction while Khaitan & Co and Kanga & Co were the legal advisors on this transaction.