Kansai Nerolac Paints to sell land parcel to Aethon Developers for Rs 726 crore, ET RealEstate
NEW DELHI: The board of directors of Kansai Nerolac Paints have approved a proposal for entering into an agreement for sale with Aethon Developers, subsidiary of Runwal Developers, for the sale of the company’s land parcel at Lower Parel, Mumbai together with building thereon, for a consideration of Rs. 726 crore.
“The board of directors have approved a proposal for monetization of idle land parcels of the company not being put for productive use,” it said in a BSE filing.
The company had reported a growth of 57.79 per cent in its net consolidated profit during the quarter ended September 30, 2023. Its profit after tax stood at Rs 175.48 crore as against Rs 111.21 crore it registered in the corresponding quarter of the previous fiscal.
It’s net consolidated total income stood at Rs 1,978.56 crore in Q2 FY24, a growth of 2.25 per cent from Rs 1,935.03 crore it recorded in the similar quarter last year.