Maruti signs pact with RPG Life Sciences to acquire land

Country's largest car maker Maruti Suzuki India today said it has signed an agreement with RPG Life Sciences to acquire a land parcel in Mumbai for an undisclosed amount to set up its regional office.

In a filing to the BSE, Maruti Suzuki India (MSI) said it "had entered into a memorandum of understanding (MoU) with RPG Life Sciences in August 2012" for acquiring the land.

The land parcel of 14,148.90 sq metre out of total land of 48,632 sq metre is situated at Trans-Thane Creek Industrial Area in Navi Mumbai, it added.

The company, however, did not share financial details of the deal.

"MSI is seeking to acquire this land for setting up 'Regional Office' facilities in the Mumbai region in due course," the filing said.

The National Capital-based auto major further said the MoU is subject to conclusion on fulfilment of terms and conditions mentioned therein.

Shares of MSI today closed 0.39% higher at Rs 1,413.30 apiece on the BSE.