Kansai Nerolac completes Rs 535 crore land sale deal

Industrial paints maker Kansai Nerolac on Wednesday said it has completed sale of its land in Chennai to realty firm Brigade Properties for over Rs 535 crore. Kansai Nerolac in a BSE filing said that the sale transaction completed on Wednesday.

The company sold land together with the buildings on it to Perungudi Real Estates Pvt Ltd., an SPV of Brigade Enterprises and Reco-Caspia, a GIC Singapore affiliate company for a consideration of Rs 537.86 crore, it added.

In June last year, Kansai Nerolac had said its Board of Directors of the company have approved the sale of the company's land admeasuring 15.86 acres at Perungudi, Chennai to Brigade Properties Pvt Ltd or its Nominees/ another special purpose vehicle (SPV) formed by Brigade Group and GIC Singapore for a sum of Rs 550 crore. Brigade Properties is a 51:49 joint venture between Bangalore-based realty company Brigade Enterprises and GIC of Singapore.

Shares of Kansai Nerolac settled 0.16% higher at Rs 280.65 apiece on the BSE.