RPG conglomerate's RPG Life Sciences Ltd. said Thursday that it has sold the leasehold rights of its surplus land at Navi Mumbai to passenger car maker Maruti Suzuki India Ltd. for Rs.76.91 crore.
The company had acquired 48,632 sq mt of land on a 95-year lease from the Maharashtra Industrial Development Corporation (MIDC). Of this 14,148.90 sq mt was surplus land, the company, which manufactures and markets a range of bulk drugs, formulations and biotechnology products, said in a filing to the Bombay Stock Exchange (BSE).
The land is located at Trans Thane Creek Industrial Area within the village limits of Pawne, Navi Mumbai.
The proceeds from the transaction would be utilised for reducing the debt of the company and investing in projects to drive future growth of the company, RPG Life Sciences Ltd managing director Ajit Singh Chouhan said.
