RPG Life Sciences has sold leasehold rights on its surplus land admeasuring 14,148.90 square meters, situated at TTC Industrial area, Village Pawane, Navi Mumbai to Maruti Suzuki India for the consideration of Rs 76.91 crore. The RPG Group company acquired land admeasuring 48,632 square meters on 95 years lease from Maharashtra Industrial Development Corporation (MIDC). Out of this, part of land admeasuring 14,148.90 square meters was surplus land.
The proceeds from the transaction will be utilized for reducing the debt of the company and investing in projects to drive future growth of the company.
RPG Life Sciences is an integrated pharmaceutical company operating in the domestic and international markets in the Branded Formulations, Global Generics, Synthetic and Fermentation APIs space.
