The board of directors of Kansai Nerolac Paints have approved a proposal for sale of land admeasuring 96,180 sq meters at Kavesar, Thane to Shoden Developers, a group company of House of Hiranandani, for total consideration of Rs 655 crore, the company said in a BSE filing.
“The Board of Directors has approved a proposal for monetization of idle land parcels of the Company not being put for productive use,” it said in the regulatory filing.
The company has entered into an agreement to sell with Shoden Developers. The sale is subject to completion of procedures and approvals as may be necessary in this regard.