Time Technoplast to sell property for Rs 15.45 cr

New Delhi, July 10: Polymer products maker Time Technoplast Ltd today said it has entered into an agreement with Prime Honda, Capital Cars Pvt Ltd to sell its land and building in Sahibabad for Rs 15.45 crore.

The decision has been taken in lieu of the company's proposed expansion at Uttarakhand which will accommodate the products currently manufactured at Sahibabad unit, it said in a statement.

It expects substantial savings in its operational cost and the disposal of land and building at Sahibabad would enable it realise maximum value of its assets with the present spurt in real estate prices in the National Capital Region (NCR).

Prime Honda, Capital Cars Pvt Ltd is a member of Japan-based Itochu Group and are dealers of Honda Cars.

UNI