Specialty chemical maker Dai-ichi Krakaria India has finalised sell of land parcel situated in Pune’ Pimpri-Chinchwad. Though, the agreement was entered into with the realty firm Gera Developments concluded at lower price as compared to previously decided, but the fund realisation will help the company to go debt free.
Bengaluru based Gera Development bought 12 acre land in Pune for Rs 153.5 crore from Dai-Ichi Karkaria to develop a commercial project.
Dai-Ichi Karkaria will get a consideration of Rs 153.5 crore from sale of this land parcel as against previously announced deal price of Rs 158 crore.
The site formerly housed factories that had been shifted to Dahej in Gujarat some time ago.
On going metro station construction work in front of the site is an added advantage that will provide a huge benefit to the occupiers of the project.
Gera Developments is currently building nine projects in Pune, Bengaluru and Goa.
Meanwhile, Dai-ichi Karkaria continued to struggle from weak finances and poor earnings.
It reported 33.38% increase in net sales at Rs 26.37 crore in March 2020 up from Rs 19.77 crore in March 2019. Quarterly net loss stood at Rs 5.81 crore in March 2020 as compared to Rs 0.48 crore in March 2019. EBITDA stands negative at Rs 1.77 crore in March 2020 from Rs 1.22 crore in March 2019.
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