Sudarshan Chemical Industries sells prime land at Wellesley Road, Pune

Sudarshan Chemical Industries Limited ("Sudarshan") is a leading global player of color and effect pigments. Sudarshan has one of the widest range of pigments and solvent dyes for coatings, plastics, printing inks, cosmetics, and special applications. It is headquartered in Pune, India and sells to more than 85 countries.

Sudarshan Chemical Industries Limited has sold its land parcel on Wellesley Road in Sangamwadi, Pune to Birla Estates Private Limited, the real estate arm of the Aditya Birla Group housed under Century Textiles and Industries Limited. Leading independent real estate services firm ANAROCK Group was transaction advisor to this deal, which was concluded on 6th April, 2023.

Commenting on this land deal, Mr. Rajesh Rathi - Managing Director, Sudarshan Chemical Industries Limited, says, "We are glad to inform you that we have been able to monetize our unutilized land situated at Wellesley Road in Sangamwadi, Pune. The area of 5.76 acres was sold to Birla Estates. This deal would not have been possible without our Partners - ANAROCK Groupa leading independent real estate services firm and M/s. Crawford Bayley & Co. a leading solicitor firm and legal advisors to the transaction. This land has been pivotal in the transformation of Sudarshan and many of our technologies were first developed here. We are happy that the land has been bought by a reputed group and we are confident that it will flourish under them. The proceedings from the sale will be used to strengthen our balance sheet

Anuj Puri, Chairman - ANAROCK Group, says, "This is a significant land deal which once again underscores Pune's importance as a preferred residential real estate destination. Only recently, ANAROCK concluded another land transaction for 12.5 acres in Wagholi. The timing of this sale is impeccable. Driven by the ceaseless demand for high quality real estate in the city, leading developers have been on a land acquisition spree."

This acquisition comes at a time when Pune's real estate market is breaking all previous records, with high-end housing stealing the show. Q1 2023 housing sales data by ANAROCK indicates that of a total of 1.14 lakh units sold across top 7 cities in Q1 2023, approx. 24% were in the high-ticket segment priced >INR 1.5 Cr. MMR and Pune accounted for a massive 48% of the overall sales in the quarter, with Pune recording an annual sales increase of 42%.

Shares of Sudarshan Chemical Industries Limited was last trading in BSE at Rs. 417.15 as compared to the previous close of Rs. 412.40. The total number of shares traded during the day was 9128 in over 594 trades.

The stock hit an intraday high of Rs. 419.10 and intraday low of 408.05. The net turnover during the day was Rs. 3784818.00.

Source : Equity Bulls

Keywords

SudarshanChemicalIndustries INE659A01023 SpecialtyChemicals WellesleyRoad LandSale BirlaEstates