Real Estate Transactions
Ramco Cements sells 25 acres in Chennai to Prestige Estates for Rs.515-Cr
BSE Announcement Business Line
Bengaluru-based Prestige Estates Projects Ltd has acquired non-core assets from publicly listed The Ramco Cements Ltd for INR 515 crore. The assets acquired by Prestige Group include a 25-acre land parcel in Medavakkam, Chennai.With this sale and a previous disposal of non-core assets worth INR 502 crore, Ramco Cements Ltd has divested assets totalling INR 1,017 crore.The acquired land parcel offers a development potential of approximately 5 mn sq ft, with an estimated top-line revenue potential exceeding INR 5,000 crore. Prestige Group intends to develop this site into a large-format project, aligning with its focus on scale and planning efficiency.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
