Specialty steel manufacturer Mukand said that it has completed the sale of five acres of its lease hold land in the trans Thane creek industrial area for INR 42.5 crore to Vodafone Essar Shared Services.

This sale comes close on the heels of a land-parcel in Andheri in the metropolis sold by Borosil Glass Works to Neepa Real Estate for INR 830 crore just last week.

Mukand had earlier said that it was planning to sell some of its land-parcels in the vicinity of Mumbai. It is understood that the company has around 55 acres, which it plans to sell.

It is also understood that the company would use the proceeds of its land-sale to reduce its debt.

Mukand had, a few years ago, sold around 25 acres of land at Kurla in Mumbai for INR 221 crore. The buyers were Offbeat Developers and Graceworks Technologies.

(Sourced from ET)