Bayer CropScience, a part of Bayer Group of Germany, today said it would offer 100 acres of land in Thane, on the outskirts of Mumbai, for sale.
At the company board meeting held today, the directors approved the proposal to sell the property at Village Balkum, Thane, on an “as is where is” basis, subject to receipt of all approvals and permissions as may be required for such sale. The company has also decided to seek shareholders’ approval by postal ballot, according to a filing to the Bombay Stock Exchange (BSE).
The sale of land, mainly used for manufacturing crop protection products, would fetch around Rs 1,200 crore to Rs 1,300 crore, according to a senior executive at an international property consultancy.
“This is a large property and the company can get around Rs 1,200 crore to Rs 1,300 crore from the sale,” he said. Ambit RSM was likely to manage the auction, the executive said.
The company executives could not be reached for comments.
The land was put on the block two years ago, but the company held back due to a slowdown in the property market, he said.
Bayer has sold over 20 smaller properties since 2005 to unlock its real estate holdings in cities such as Aurangabad and Hyderabad, among others.
The company’s shares fell 1.03 per cent to end the day at Rs 806.30 on BSE.
It can be recalled that the Maharashtra government had earlier objected to apparel major Raymond’s plans to use 125 acres of its Thane Plant for residential and commercial purposes, as workers demanded higher compensation from the management and the latter declined to consider their demand.
