Steel-making firm sells Thane plot for R 42.50 crore

In a major land deal at Thane, steel manufacturer Mukand Company sold its 5-acre plot to Vodafone Essar for Rs 42.50 crore.

In a major land deal at Thane, steel manufacturer Mukand Company sold its 5-acre plot to Vodafone Essar for Rs 42.50 crore.

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Mukand on Tuesday informed the Bombay Stock Exchange that it has transferred the leasehold rights of the trans-harbour area to Vodafone Essar Shared Services.

Mukand had recently announced that it was selling its properties in Mumbai and in its vicinity to reduce its debts and aid expansion.

In 2005, the company had sold its 25-acre plot at Kurla to Offbeat Developers and Gracework Technologies for Rs 221 crore. According to sources, the company is now contemplating to release another 55 acres in the open market.

Meanwhile, the e-auction of the 5.5-acre Marol land owned by Golden Tobacco Ltd scheduled on Tuesday has been kept a secret.

Even company officials refused to comment. Construction major HDIL, who was to get the land originally, had warned of legal action if the auction was held and said “buyers would have to bear the risk of the deal”.