Premier has sold its land at Chinchwad, Pune, admeasuring around 1,07,336 Square Meters in favour of Virgo Retail Ventures (an associate of Runwal Group) for a total consideration of Rs 217.50 crore.
Out of the above consideration received, the Company has repaid secured debt and other debt of about Rs 181 crore and Rs 36.50 crore has been utilized towards corporate purposes including relocation of the plant from Chinchwad, Pune to Chakan Industrial Area about 20 km away.
Premier is engaged in the manufacture of automobiles and machine tools. The company has manufactured the widest range of commercial vehicles, which includes Premier Padmini -- one of the popular cars in India.
