Industry

CG Power to complete Rs 382-crore Kanjurmarg land sale by March end


CG Power & Industrial Solutions has reached a settlement with Evie Real Estate to complete the sale of its land parcel in Kanjur Marg suburb of Mumbai for Rs 382 crore.

The company had entered into an agreement with the buyer for sale of this land parcel in October 2015 and the transaction was to be completed by December 27, 2019.

However, the sale transaction could not be completed before the closing date as per the agreement, due to various developments that took place in the company, giving rise to claims and counterclaims between the parties, CG Power said in a regulatory filing on Monday.

“The company, under the new management, has since discussed with the buyer for completion of the transaction, reached settlement and has signed a binding term sheet on 16th October 2021. As per the term sheet signed with the buyer, the sale consideration has been fixed at Rs.382 Crore, in addition to a repayment of Rs.20 crores of deposit, under dispute,” the company said.

The transaction is now scheduled to be completed on or before March 31, 2022.

The said land parcel used to house the company’s transformer manufacturing unit.



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