Deepak Fertilisers & Petrochemicals sells non-core industrial land in Dahej for Rs 99 cr

Deepak Fertilisers & Petrochemicals on Tuesday said it has divested one plot of its industrial land in Dahej, Gujarat for Rs 99 crore, as part of the strategy to divest non-core assets.

"The company has divested one of its plots of industrial land in Dahej...for total transaction value of Rs 99.2 crore," the fertilisers and industrial chemicals producer said in a regulatory filing.

The deed of assignment was executed last month and the transfer order from Gujarat Industrial Development Corporation has been received, the filing said.

The company has received the sale consideration and paid all the related charges and its share of transfer fees, it added.

The company's existing nitric acid plant is situated in Dahej where it continues to have adequate unutilised area in order to take care of any future expansion.

Shares of the company were trading at Rs 114.55, up 4.47 per cent on teh BSE in morning trade.