KEC International to sell land to Tata Housing for over Rs.200 crore

Mumbai: RPG group company KEC International Ltd is to sell a piece of land in Thane to Ardent Properties Pvt. Ltd, a subsidiary of Tata Housing Development Co. Ltd, for a sum of over Rs.200 crore.
“The company has entered into an agreement for sale of its freehold land measuring more than 7.3 acres at the rate of Rs.29 crore per acre with Ardent Properties Pvt. Ltd, a 100% subsidiary of Tata Housing Development Co. Ltd,” KEC International said in a statement on Tuesday.
The company expects to complete all the formalities in about three months.
At 12.01pm, shares of KEC International were trading at Rs.69.50 a unit on BSE, up 2.66% from their previous close, while India’s benchmark Sensex fell 0.1% to 22,365 points. In intraday trade, the stock rose as much as 10.49%, or Rs.74.8 a share