Borosil Glass Works sells 18-acre plot in Mumbai

In a big-ticket land-sale deal, Borosil Glass Works has sold an 18-acre plot in Andheri (the suburbs of here) to Neepa Real Estate Pvt Ltd for Rs 830-crore.

Borosil's Vice-Chairman and Managing Director, P K Kheruka, said that "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 said.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.