CL Educate has entered into an agreement to sell its plot of land and building thereon, situated at Indore, held by its subsidiary company Career Launcher Infrastructure (‘CLIP’). CL Educate, as a strategic decision, has been in the process of exiting asset heavy businesses over the last few years, including its K-12 school business. As a part of this decision, the organization has been looking to convert its real estate bank into cash for redeployment in its core business.
Over the last year, the company has sold 4 other land parcels, for a total value in excess of Rs 60 crore. The present sale, one of two school plots that the group had remaining has been sold for a total consideration of Rs 17.5 crore, of which Rs 3 crore have been received in advance, with the sale expected to be completed by the end of the financial year.
CL Educate is in to the business activities of Vocational Training, Education & training.
