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Kansai Nerolac: Kansai Nerolac to sell land parcel in Mumbai to Runwal Group for Rs 726 crore

Kansai Nerolac Paints, lndia’s largest paint and coating manufacturer, has approved a proposal to entter into an agreement with a subsidiary of Runwal Developers to sell its land parcel in Mumbai’s Lower Parel for Rs 726 crores

Aethon Developers, the subsidiary of Runwal Developers has entered into the agreement to buy the paint manufacturer’s land parcel.

The sale is subject to completion of procedures and approvals as may be necessary in this regard, the paint manufacturer said in a regulatory filing.

The ongoing resurgence in the residential real estate market has prompted property developers to actively pursue and conclude transactions for land parcels across the country, and the trend is not limited to only metropolitan regions and peripheral locations but is also certainly evident in tier II and III cities too.

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