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Eveready Ind sells Chennai land for Rs 100 crore

Press Trust of India  |  New Delhi 

Batteries firm Industries India has sold its land in to an firm for a consideration of Rs 100 crore.

"The company has executed an agreement for sale... with (part of the Olympia Group, Chennai), for sale of its land situated in Chennai, Tamil Nadu, for a consideration of Rs 100 crore," Industries said in a BSE filing.

The sale is expected to be completed within 4-10 months, based on tangible milestones, the company added.

Industries said, for over the last five decades, a 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," it added.

Eveready MD Amritanshu Khaitan said 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," he added.

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

First Published: Thu, December 06 2018. 16:00 IST