The transaction involves the sale of approximately 17.77 acres of land, along with 50% undivided right, title, and interest in an adjoining access road measuring around 2.73 acres, and the grant of a perpetual, non-exclusive right of way over an additional parcel measuring approximately 0.16 acres.
The land has been sold for not less than Rs 86,980 per square metre, aggregating to a total consideration of around Rs 673 crore. The company has received an advance payment of Rs 110 crore from the purchaser.
The sale is expected to be completed within 30 days after all conditions are met, provided the purchaser is satisfied with the due diligence results.
Mukand is a multi-division, multi product conglomerate involved in the manufacture of specialty steel long products and industrial machinery. The company produces special alloy steel/ stainless steel billets, bars, rods, wire rods and bright bars.
The company's consolidated net profit declined 62.48% to Rs 10.90 crore on a 10.67% fall in revenue to Rs 1,106.89 crore in Q4 FY25 as compared with Q4 FY24.