Crompton Greaves has sold its Kanjurmarg land parcel to Runwal Group for Rs 1,015 crore. The 34-acre land parcel has been on the block for a while now.
Many other leading builders were in the lace to buy the land parcel. The deal pegs per acre land value at Rs 30 crore. This is a good deal for the Runwal Group as most experts were pegging the land value at around Rs 40 crore per acre.
Crompton Greaves has been looking for funds as its debt stands at Rs 2,200-2,500 crore.