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EIIL to sell Chennai land at Rs 100 crore

IANS  |  Kolkata 

Industries India Ltd (EIIL) on Thursday said it has entered into an agreement with for sale of its land in Chennai for Rs 100 crore to reduce debt.

The land belonged to a over the last five decades. The factory became economically unviable on account to high standing costs and overheads, which led to it becoming idle for some time.

The land, therefore, became surplus to the company's needs, it said in a statement.

"The sale transaction will help reduce debts of the Company and further improve the balance sheet. The closure of the factory, in any case, is positive to the profitability of the business on account of cost savings," said.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 06 2018. 22:04 IST
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