Rallis India, a Tata Group company has signed an agreement for assignment of its leasehold rights in respect of its leasehold land at MIDC Industrial area, Turbhe, Navi Mumbai to IKEA India for Rs 214 crore.
The transaction is subject to IKEA getting the required approval from regulatory authorities, including approval from the Maharashtra Industrial Development Corporation for the assignment of the leasehold rights as well as payment of such charges as may be applicable for obtaining the approvals.
In 2012, Rallis India shut operations at this plant as the surrounding area developed into residential locality. It started operations at Turbhe in 1970.
Rallis India is a major agri-solution provider company in India. The company has been associated with the farming community for the past over 160 years and continuously strives to improve farm productivity through innovative product & service offerings.