Borosil Glass Works has sold 18 acre in Marol, Andheri, to Neepa Real Estate for Rs 830 crore, reflecting a rapid demand in recovery in Mumbai’s realty market. The transaction is higher than two major deals in suburban Mumbai this year Sheth Developers’ acquisition of 14 acre from GTC in Vile Parle for Rs 591 crore and Wadhwa Group’s purchase of 18 acre in Ghatkopar for Rs 571 crore from Hindustan Composite. The deal translates into Rs 46 crore per acre, higher than the other two deals. However, the transaction is way behind Lodha Developers’ acquisition of land in the central Mumbai suburb of Wadala for Rs 4,050 crore, the biggest-ever land deal in the city.
Borosil Glass will utilise the fund to expand its operations and retire debt, said Chetas Desai, MD of Ambit Corporate Finance, advisor to Borosil on the deal. Borosil’s debt stands at around Rs 50 crore. However, it is not clear how much of the sale proceeds will be used by Borosil to expand capacity. Borosil is a 48-year-old company engaged in the manufacturing of sheet glass, laboratory glassware and microwavable kitchenware. Its main manufacturing operations are now located in Bharuch in Gujarat.