Mahindra Ugine Steel Company Ltd has planned to sell about 65 acres of industrial land in Maharashtra to cut its debt.

In a communication to the stock exchanges, the company said that its board of directors has approved the sale of excess land of 65 acres out of around 122 acres of the stampings unit at Kanhe in Pune district.

The industrial land would be sold as per the valuation report of an independent firm. The current valuation indicates a value of around Rs 89 crore. The sale is subject to necessary approvals.

Mahindra Ugine said the move to sell excess land was to monetise the value of unutilised assets and improve shareholders’ value by reducing debt and to facilitate growth.