Harrisons Malayalam Sells Kaliyar Rubber Estate for Rs.53 Crores

Harrisons Malayalam Ltd has announced that the Board of Directors of the Company at its meeting held on September 22, 2006, has passed a resolution authorising the sale of Kaliyar Estate, admeasuring approximately 603 hectares of land situated in idukki District, Kerala State and employing about 260 people, subject to the approval of the shareholders as required under Section 293(1)(a) of the Companies Act, 1956.

As per the understanding arrived at with the buyer, the estate will be transferred as a functioning entity along with all its employees.

The sale consideration is Rs 53,00,00,000/-.

Source : Equity Bulls

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