Man Industries monetizes its subsidiary's non-core asset in Prime Nerul Location, Navi Mumbai valued at ~₹720 Crores

Merino Shelters Private Limited (MSPL), a wholly owned subsidiary of Man Industries (India) Limited has entered into a Deed of Assignment along with granting of development rights on 31st March'2025 for its land parcel of ~6 acres opposite to D.Y. Patil Stadium, Navi Mumbai, Maharashtra with Paradise Green- Spaces LLP (part of "Paradise Group").

Located at a prime and strategic location near the D.Y. Patil Stadium in Nerul, the land has excellent connectivity and proximity to key infrastructure, including the Navi Mumbai International Airport set to be operational from June this year.

In view of the above, the upfront amount of Rs. 70 Crores and out of total area of the developed property the Company will get 30% area i.e. equivalent to approx. 4,50,000 sq. ft. Rera carpet area (Commercial and Residential) which has a monetising value of approx. Rs. 650 - Rs. 700 Crores over a period of 5 - 6 years. The total monetising value would be approx. Rs. 720 - Rs. 770 Crores.

Commenting on the development, Mr. Nikhil Mansukhani, Managing Director of MAN Industries (India) Ltd said, "This deal acts as a key stepping stone, as management intends to monetize its noncore assets and focus on strengthening its core line pipe business and support its ongoing & future expansion plans like getting into high-value segments and entry into new geographies. This move reinforces MAN Industries' consolidation plans and emerge as a leader in the line pipe business that will drive consistent growth for next few years and unlocks significant value for shareholders."

Commenting on the development, Mr. Manish Bathija, Managing Director of Paradise Group said, "At Paradise Group, we have always strived to create landmark developments that redefine urban living. This partnership with Merino Shelters Pvt Ltd represents a major milestone in our journey. Given the land's prime location opposite D.Y. Patil Stadium and its proximity to the upcoming Navi Mumbai International Airport, we see immense potential in this development."

Shares of Man Industries (India) Limited was last trading in BSE at Rs. 266.55 as compared to the previous close of Rs. 264.80. The total number of shares traded during the day was 163070 in over 1771 trades.

The stock hit an intraday high of Rs. 282.40 and intraday low of 265.00. The net turnover during the day was Rs. 44185394.00.

Source : Equity Bulls

Keywords

ManIndustriesIndia INE993A01026 MerinoShelters DeedofAssignment DevelopmentRights LandParcel 6Acres DYPatilStadium NaviMumbai