Man Indus in pact with Paradise Group for developing 6-acre land in Navi Mumbai

Merino Shelters, a wholly owned subsidiary of MAN Industries, has entered into partnership with Paradise Group for developing its 6-acre land parcel in Navi Mumbai over six years and monetising value of ₹770 crore.

The company has entered into a deed of assignment along with granting of development rights for its land parcel opposite DY Patil Stadium, Nerul with Paradise Green- Spaces LLP.

The land has excellent connectivity and proximity to key infrastructure, including the Navi Mumbai International Airport set to be operational from June this year.

Merino Shelters has received upfront payment of ₹70 crore and will also get 30 per cent area equivalent to about 4.50 lakh sq ft of Rera carpet area which has a monetising value of about ₹650-₹700 crore over 5-6 years. The total monetising value would be about ₹720-₹770 crore.

Nikhil Mansukhani, Managing Director of MAN Industries, said the management intends to monetise non-core assets and focus on strengthening core line pipe business besides supporting future expansion plans like getting into high-value segments and entry into new geographies.

Manish Bathija, Managing Director, Paradise Group said given the land’s prime location and its proximity to the upcoming Navi Mumbai International Airport, there is immense potential in development of this project.