Eimco Elecon (India) Limited Finalizes ₹45.56 Crore Land Acquisition in Gujarat

Eimco Elecon (India) Limited (NSE: EIMCOELECO, BSE: 523708), a prominent manufacturer of underground mining and construction machinery, has announced the successful completion of a major land acquisition. Following the board's initial approval in January, the company executed the formal Sale Deeds today, securing a substantial parcel of land in Kanjari, Gujarat.

The acquisition is a strategic move intended to bolster the company's long-term operational capacity and support its future business expansion plans.

Key Details of the Transaction

The transaction was finalized on a freehold basis, ensuring full ownership rights for the company to develop the site according to its strategic requirements.

Location: Kanjari, Ta. Nadiad, Dist. Kheda, Gujarat.

Total Area: Approximately 35,056 square meters.

Total Consideration: ₹45,55,74,000 (exclusive of stamp duty and other statutory charges).

Payment Terms: The amount was paid as a full and final settlement through verified banking channels.

Sellers: The land was purchased from private individuals (Nirav Patel, Kashyap Patel, and Jyotsanaben Patel), with no prior relationship to the company's promoters or management.

Shares of Eimco Elecon (India) Limited was last trading in BSE at Rs. 1642.80 as compared to the previous close of Rs. 1659.70. The total number of shares traded during the day was 1295 in over 165 trades.

The stock hit an intraday high of Rs. 1668.70 and intraday low of 1633.65. The net turnover during the day was Rs. 2136092.00.

Source : Equity Bulls

Keywords

EimcoEleconIndia INE158B01016 IndustrialMachinery LandAcquisition Gujarat