"Sundaram Clayton has entered into an agreement to divest 16.381 acres in Korattur to Canopy Living for ₹561 crore."

Chennai-based Sundaram Clayton Limited has entered into an agreement with Canopy Living LLP to sell its land parcel measuring 16.381 acres at Korattur in Chennai for a total consideration of ₹561 crore.

Canopy Living LLP is a joint venture between Arihant Foundations & Housing Ltd and Prestige Estates Projects Ltd.

In a communication to the National Stock Exchange, Sundaram Clayton said it has received an advance of ₹25 crore, while the remaining ₹536 crore will be paid at the time of execution of the sale deed.

Sources said the buyers are planning to develop a residential township on the land parcel.