Mukand to get ₹713 crore from surplus land sale.

Stainless steel manufacturer Mukand has received the first tranche of ₹713 crore from the sale of surplus land in Thane and Sinnar in Maharashtra.

Of the total consideration of ₹1,213 crore, the company said the first tranche will be paid in the December quarter.

In a letter addressed to shareholders, Niraj Bajaj, Chairman and Managing Director, Mukand, said the company has signed an MoU for the transfer of its surplus 55-acre lease-held land in Thane and another one for its lease-held land in Sinnar in Maharashtra.

The transactions are likely to be completed before the end of the current financial year.

The company is also in the process of completing regulatory requirements for the shareholder approved sale of the company’s shares in Mukand Sumi Special Steel to the promoter entity, said the letter.

HBL