Shriram Properties sell 3 acre land in Chennai for rs 93 crore

Shriram Properties (SPL) has sold 3.9 acre land parcel in Chennai to a healthcare and educational group for Rs 93 crore. Murali M, chairman and managing director of the company said, "This transaction marks a significant step in the company's plan to unlock value from existing non-core land parcels and redeploy capital for growth funding needs." The company, through its wholly-owned subsidiary – SPL Shelters owned the land, currently approved for the development of a retail space. Given its focus on residential real estate development activities, SPL has decided to monetize the land through divestment of its equity holding in the wholly owned subsidiary. 
 

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