The Dutch ready-to-assemble furniture maker has entered into an agreement with Rallis India Limited, a subsidiary of Tata Chemicals, to acquire leasehold rights for a land parcel in MIDC industrial area at Turbhe, Navi Mumbai, from Rallis.
“Rallis India has signed an agreement dated March 29, 2016 for assignment of its leasehold rights in respect of its leasehold land at MIDC Industrial Area, Turbhe, Navi Mumbai, to Ikea India Private Limited. The transaction is subject to the Rallis/ Ikea receiving all required approvals from regulatory authorities, including approval from Maharashtra Industrial Development Corporation (MIDC) for the assignment of leasehold rights, as well as payment of such charges as may be applicable for obtaining the approvals,” said Tata Chemicals Ltd in a BSE filing on March 30, 2016.
The move is aimed at monetisation of surplus assets of the Rallis for deployment in operations, it added. Ikea is expected to pay Rs 213.93 crores to Rallis for assignment of its leasehold rights.
