Comments
Rallis India, a Tata Group company, has transferred the land lease of its plant at Turbhe near Thane to IKEA India for a consideration of ₹214 crore.
In 2012, Rallis India shut operations at this plant as the surrounding area developed into residential locality. It started operations at Turbhe in 1970.
Many of the chemical companies, including Bayer Crop Science, have shifted out of Thane as residential apartments sprung up in the region.
On Tuesday, Rallis said in a statement that it has signed an agreement for assignment of its leasehold rights in respect of the its leasehold land at MIDC Industrial area, Turbhe, Navi Mumbai to IKEA India.
The transaction is subject to Ikea getting the required approval from regulatory authorities, including approval from the Maharashtra Industrial Development Corporation for the assignment of the leasehold rights as well as payment of such charges as may be applicable for obtaining the approvals, it added.
The Swedish furniture retailing giant Ikea plans to open its first store in Hyderabad in 2017 even as it scouts for more sites in Delhi-NCR, Mumbai and Bengaluru.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.