Industrial paints maker Kansai Nerolac today said it has entered into an agreement with realty firm Brigade Properties to sell its land in Chennai for Rs 550 crore.
"The Board of Directors of the company has approved on June 29, 2015 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," Kansai Nerolac said in a BSE filing.
Brigade Properties is a 51:49 joint venture between Bangalore-based realty company Brigade Enterprises and GIC of Singapore.
It further said that the sale is subject to due diligence by the purchaser and such other procedures as may be necessary with regard to acquisition of the land.
Kansai Nerolac said that it has entered into a term sheet with Brigade Properties Pvt Ltd for it.
Shares of Kansai Nerolac settled 0.21 per cent down at Rs 211.95 apiece on the BSE.
