Merino Shelters Private Limited (MSPL), a wholly-owned subsidiary of Man Industries (India) Limited, has entered into a ‘Deed of Assignment’ with realty developer Green-Spaces LLP (part of Paradise Group) to develop a six-acre land parcel in Navi Mumbai.
The land parcel is located opposite to DY Patil Stadium at Nerul in Maharashtra’s Navi Mumbai.
The upfront amount of ₹70 crore, and out of the total area of the developed property, the Company will get 30% area equivalent to approximately 4,50,000 sq.ft. Rera carpet area (Commercial and Residential), said the company, adding, “Over a period of 5 to 6 years, the developed area is estimated to have a monetising value of approximately ₹650 – ₹700 crore. The total monetising value would be approximately ₹720 – ₹770 crore.
The company said that the land has excellent connectivity and proximity to key infrastructure, including the Navi Mumbai International Airport which will become operational later this year.
The funds generated from the monetization of assets will support the company’s expansion plans, driving growth and unlocking significant value for shareholders, said the company.
‘Key stepping stone’
“This deal acts as a key stepping stone, as management intends to monetize its non-core assets and focus on strengthening its core line pipe business and support its ongoing & future expansion plans like getting into high-value segments and entry into new geographies,” said Nikhil Mansukhani, Managing Director of MAN Industries (India) Ltd.
Mansukhani added that the move reinforces MAN Industries’ consolidation plans to emerge as a leader in the line pipe business that will drive consistent growth for next few years and unlocks significant value for shareholders.
Paradise Group’s MD Manish Bathija said that they have always strived to create landmark developments that redefine urban living.
“This partnership with Merino Shelters Pvt Ltd represents a major milestone in our journey.”
