Calcutta, Oct. 27: Texmaco the Calcutta-based wagon manufacturer promoted by the K. K. Birla group has entered into an agreement with the K. Raheja group, a leading property developer, to transfer a plot of land in Worli, Mumbai for Rs 21.5 crore.
Texmaco informed stock exchanges today that the municipal authority of Mumbai was expected to give its clearance to the proposal to develop the plot on Dr Annie Besant Road by November, following which the deal could be concluded.
Sources in the company said: We have leasehold of the property for 999 years. We are transferring it to the K. Raheja group for being developed but will not invest in the project. For all practical purposes, we are selling it off for Rs 21.5 crore.