NEW DELHI: Merino Shelters (MSPL), a wholly-owned subsidiary of Man Industries (India) has entered into a deed of assignment along with granting of development rights for its land parcel of six acres in Nerul, Navi Mumbai, with Paradise Green- Spaces LLP, part of Paradise Group.
Nikhil Mansukhani, managing director of Man Industries (India) said, “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.”
The company will get upfront amount of ₹70 crore and 30% area i.e. equivalent to approximately 4,50,000 sq ft carpet area out of total area of the developed property, which has a monetising value of about ₹650 – ₹700 crore over a period of 5-6 years. The total monetising value would be approximately ₹720–₹770 crore.
The funds generated from the monetization of assets will support the company’s expansion plans
