K Raheja Corp to buy Standard Industries’ 62 acre Navi Mumbai plot for Rs 355 crore

MUMBAI: Realty developer K Raheja Corp has entered into an agreement to acquire 62.25 acre land parcel from Mafatlal Group company Standard Industries in Ghanasoli in Navi Mumbai for Rs 355 crore.

As part of the transaction, Standard Industries or erstwhile Standard Mills with interest in textile business will transfer and assign its leasehold rights for the said leasehold property at Trans-Thane Creek Industrial Area in the villages of Ghansoli and Savali, the company said in a regulatory filing on Bombay Stock Exchange.

The land parcel, which will be acquired by Feat Properties, a subsidiary of K Raheja Corp, has total development potential of around 8 million sq ft, according to property consultants.

The transfer, assignment and consideration is subject to various conditions precedent including approval from MIDC getting satisfied, the notice said.

In 2008, Standard Industries had transferred and assigned its leasehold right for an adjoining 30-acre land parcel to an arm of Singapore-based CapitaLand.