Sale Of Thane Land To NTT Global Data Completed By Mukand Ltd
Steel manufacturer Mukand Ltd informed that it has completed the transfer of 55 acres of surplus leasehold land at Thane to NTT Global Data Centers Nav2 Pvt. The deal is done for Rs 801 crore. The amount would be utilized for the debt repayment of the company.Â
The firm entered into an agreement for the transfer of this 55-acre leasehold land and the accompanying structures at the Trans Thane Creek Industrial Area. The firm has brought down its overall debt by Rs 975 crore during FY21. The company's total debt as of FY20 is around Rs 2,536.19 crore. Last year Mukand Ltd sold its 51% stake in the joint venture, Mukand Sumi Special Steel Ltd (MSSSL), to M/s Jamnalal Sons Private Ltd. It received Rs 713.61 crore as 1st tranche of payment for the stake sales in December 2020.