New Delhi: Infrastructure player Vascon Engineers’s joint venture company has sold an 8 acre land piece to Singapore-based real estate firm Mapletreee Investments for Rs 170 crore.
“Ajanta Enterprises, 50 percent joint venture of Vascon Engineers, has successfully concluded the sale of land parcel measuring 8 acres for a total gross consideration of Rs 170 crore to a SPV (special purpose vehicle) of Mapletree Investments Pte Ltd (Mapletree) situated at Kharadi, Pune,” the company said in a statement.
Ajanta Enterprises is still left with about 8 lakh sq ft of development and a aprt of that is under progress. The sale proceeds of the land will help Vascon Engineers in funding future growth and reducing high cost debt, said R Vasudevan, Chairman, Vascon Engineers.