RPG Life Sciences sells Navi Mumbai surplus land to Maruti

Kolkata, June 6 (IANS) RPG conglomerate’s RPG Life Sciences Ltd. said Thursday that it has sold the leasehold rights of its surplus land at Navi Mumbai to passenger car maker Maruti Suzuki India Ltd. for Rs.76.91 crore.

The company had acquired 48,632 sq mt of land on a 95-year lease from the Maharashtra Industrial Development Corporation (MIDC). Of this 14,148.90 sq mt was surplus land, the company, which manufactures and markets a range of bulk drugs, formulations and biotechnology products, said in a filing to the Bombay Stock Exchange (BSE).

The land is located at Trans Thane Creek Industrial Area within the village limits of Pawne, Navi Mumbai.

The proceeds from the transaction would be utilised for reducing the debt of the company and investing in projects to drive future growth of the company, RPG Life Sciences Ltd managing director Ajit Singh Chouhan said.

The opinions, beliefs and viewpoints expressed by authors, news service providers on this page do not necessarily reflect the opinions, beliefs and viewpoints of Hill Post. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company, or individual. Hill Post makes no representations as to the accuracy or completeness of any information on this site page.

Leave a comment

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.