Mumbai, November 24, 2011: ,KEC International Ltd. (KEC), a billion dollar global infrastructure EPC major, has sold the leasehold rights on its land to Vodafone Shared Services Limited for the consideration of Rs. 72.5 crore. The land is located at Trans Thane Creek Industrial Area, between Thane-Navi Mumbai, Near to Vashi, Mumbai. Total Area of the land is 30,881 square meters (i.e. 7.63 Acres).
The Company had taken this land on 95 years lease from Maharashtra Industrial Development Corporation (MIDC). On this land, The Company was operating tower testing station which was already decommissioned.
"The Company commenced a new tower testing station at Butibori, Nagpur in the year 2010 and subsequent to that, Vashi tower testing station was closed. The proceeds from transaction will be used for reducing overall debt level of the company." commented Mr. Ramesh Chandak, MD & CEO, of the Company.
KEC International is a billion dollar turnover, global infrastructure Engineering, Procurement and Construction (EPC) major. It has presence in the verticals of Power Transmission, Power Systems, Cables, Railways, Telecom and Water. The Company has powered infrastructure development in 45 countries across South Asia, Middle East, Africa, Central Asia and Americas. It is a flagship company of the RPG Group.
RPG Enterprises, established in 1979, is one of India’s fastest growing business groups with turnover touching ` 20,000 crore. The group has more than sixteen companies managing diverse business interests.
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