NRB Bearings: Oberoi Realty inks pact to acquire NRB Bearings’ 6.4-acre land in Thane

Property developer Oberoi Realty has entered into an agreement with NRB Bearings to acquire the latter’s around 6.4 acre land parcel in Thane’s Pokhran Road 2 along with structures thereon.

The company, according to industry sources, has paid over Rs 170 crore for the land parcel.

The said land parcel is contiguous to the existing 68 acres owned by Oberoi Realty.

In February, the developer acquired air-conditioning and commercial refrigeration company Blue Star India’s 9-acre land parcel in the same vicinity for nearly Rs 200 crore.

The Blue Star India’s land parcel is located on Thane’s Pokhran Road II next to GlaxoSmithKline Pharmaceuticals’ 60-acre plot that Oberoi Realty had acquired in 2019 for Rs 890 crore.

The proposed acquisition of NRB Bearings land parcel will be completed upon fulfilment of certain terms and conditions of the memorandum of understanding (MoU) inked by both parties, Oberoi Realty said in a regulatory filing

When contacted, the company declined to comment on the deal value.The company has also made payment of part consideration amount to NRB, and the balance
consideration will be paid on and/ or before the closing of the transaction.

On Tuesday, shares of Oberoi Realty closed at Rs 925.20, down 0.01% over previous close. Shared of NRB Bearings closed the session at Rs 135.05, down 11.2%.