Vascon Engineers' JV firm sells 8 acre land in Pune to Mapletree Investments for Rs 170 cr

Vascon Engineers on Monday said its joint venture firm has sold 8 acre land to Mapletreee Investments for Rs 170 crore.

"Ajanta Enterprises, 50 per cent joint venture of Vascon Engineers, has successfully concluded the sale of land parcel measuring approximately 8 acres for a total gross consideration of Rs 170 crore to a SPV (special purpose vehicle) of Mapletree Investments Pte Ltd (Mapletree) situated at Kharadi, Pune," the company said in a statement.

The sale deed was executed on December 17, and the entire consideration has been received.

Ajanta Enterprises has balance 8 lakh sq ft of development, part of which is under progress, it added.

R Vasudevan, chairman, Vascon Engineers said the monetisation of Pune land parcel has significantly improved the growth potential of the organisation.

"We believe this is a significant achievement for the company as the proceeds will be utilized towards reducing high cost debt and financing the growth," he added.

Vascon Engineers Ltd is one of the leading EPC company in India with presence in the asset light real estate business.

The EPC order intake in current financial year stands at Rs 1,539 crore, while current EPC order book stands at Rs 2,175 crore, which includes external EPC orders of Rs 2,049 crore and internal orders from its real estate launches at Rs 125 crore, it said.

In real estate, 35 lakh sq ft area is under various stages of development with total expected sales realization of around Rs 2,000 crore, part of which is under development and balance will be launched in phases over next 2-3 years, the statement added.