Rallis India stock jumps over 5% on IKEA deal

Mumbai, Mar 30: Shares of agro-chemical firm Rallis India rose by over 5 per cent today after the Tata group's agri-input arm entered into an agreement with IKEA India to transfer its leasehold right over a land parcel here for nearly Rs 214 crore.

The stock jumped 4.82 per cent to Rs 178 on BSE. On NSE, it rose by 5.29 per cent to Rs 178.90. Rallis India yesterday said it has entered into an agreement with Swedish furniture retailing giant IKEA to monetise its surplus assets.

"The company signed an agreement for assignment of its leasehold rights in respect of the leasehold land at MIDC Industrial area, Turbhe, Navi Mumbai to IKEA India Pvt Ltd," Rallis India had said in a BSE filing.

On the size of the agreement, Rallis said "consideration of Rs 213.93 crore is payable by IKEA to the company for assignment of its leasehold rights."

Rallis India is a subsidiary of Tata Chemicals with business presence in the farm essentials vertical. It is into seeds, agro-chemicals, plant growth nutrients and agri- services.

PTI