Graphite India unlocks surplus real estate in B'lore for Rs 111 cr.
Mumbai, Apr 24 (UNI) Graphite India Ltd has entered into an agreement with Prestige Group, one of the leading developers in Bangalore for sale of surplus land at Whitefield, Bangalore for Rs 111 crore.
Announcing this to BSE, the company said this transaction would enable it to unlock value in respect of this dormant asset and to utilise the proceeds for meeting the company's future expansion plans. The leveraging capability of Graphite India would also increase significantly enabling it to aggressively pursue fresh opportunities; both organic and inorganic.
Commenting on the transaction, Graphite India Chairman K K Bangur said, ''This transaction is an important milestone in the history of the company. These additional resources would create a strong platform for accelerating the growth process of the company and enhance shareholders value.'' UNI SN PP SKB1936