Kansai Nerolac to sell nearly 24-acre Thane plot to House of Hiranandani for Rs. 655 cr.

Kansai Nerolac Paints has entered into an agreement with realty developer House of Hiranandani Group to sell its nearly 24-acre land parcel at Kavesar in Thane for Rs. 655 crore.

The paints manufacturer’s board of directors recently approved a proposal to monetise its idle land parcel that is ‘not being put for productive use,’ the company said in a regulatory filing.

Shoden Developers, a group company of House of Hiranandani, will be acquiring the land parcel and the sale is subject to completion of procedures.

ET