Divestment14 May 2026, 04:13 pm
Standard Industries Transfers Land Rights to Prabhadevi Developer
AI Summary
Standard Industries Ltd has assigned development rights of its freehold land and building to Prabhadevi Developer Private Limited. The transfer, approved by the board on May 12, 2026, involves land at Kashinath Dhuru Marg, Mumbai. The Deed of Assignment was executed on May 14, 2026. Standard Industries will receive ₹169.51 Cr in tranches and four residential flats (25,774.61 sq. ft.) with sixteen car parking spaces in the developed building.
Key Highlights
- Standard Industries assigns development rights to Prabhadevi Developer.
- The deal includes ₹169.51 Cr payment and four residential flats for Standard Industries.
- The land is located at Kashinath Dhuru Marg, Dadar West, Mumbai.
- Prabhadevi Developer has exclusive rights for development and sales.
- The transaction does not involve related parties or share issuance.