For consideration of Rs 100 crEveready Industries India has executed an Agreement for Sale dated December 5, 2018 with Mis Alwarpet Properties (part of the Olympia Group, Chennai), for sale of its land situated Triuvottiyur Road, in Chennai, Tamil Nadu, for a consideration of Rs. 100 crore.
The sale is expected to be completed within 4 -10 months, based on tangible milestones. For over the last 5 decades, a battery manufacturing facility was located on the said land. However the factory became economically unviable, which led to it becoming idle for some time. This had no impact on the operations of the Company. The said land has therefore become surplus to the Company's needs.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)