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Visaka Industries to Transfer Leasehold Rights of Chennai Land for Rs 32.86 Crores
Visaka Industries Limited has entered into a Memorandum of Understanding (MoU) to transfer its leasehold rights for a 7-acre land parcel in Mahindra World City, Chennai. The transaction is valued at Rs 32.86 crores and is being executed with M/s Caresoft Global Mobility Technologies Private Limited. The company has identified this land as a non-strategic asset, meaning the sale will not impact its core manufacturing operations. The deal is expected to be completed within 60 to 90 days, providing a healthy cash inflow for the company.
Key Highlights
Transfer of leasehold rights for 7.00 acres of land situated at Mahindra World City, Chennai.
Total consideration for the transaction is Rs 32.86 crores to be received in tranches.
The buyer, Caresoft Global Mobility Technologies, is not a related party to the promoters.
Expected completion timeline is 60 days from the MoU date, extendable by another 30 days.
The asset is classified as non-strategic, ensuring no disruption to existing business turnover.
👀 What to Watch
Investors should view this as a positive liquidity event that unlocks value from idle assets. Monitor how the company utilizes the Rs 32.86 crore proceeds, particularly if used for debt reduction or core business expansion.
