Kalpataru buys 4.5 acre for Rs 200 cr in Mumbai

Mumbai:Kalpataru Builders has purchased 4.5 acres of land in Mulund for close to Rs 200 crore in one of the biggest real estate deals in Mumbai's suburbs, a source said. Kalpataru Builders has signed an agreement to buy 4.5 acre of land in Mulund that belongs to Schrader Duncan, a leading manufacturer of tyre tube valves and accessories, source close to development said.

The total land area is a little over 1.5 lakh square feet with a floor space index(FSI)of two, the source said. Kalpataru Builders, however, did not reply to e-mail queries seeking confirmation of the deal.

The land owner, Schrader Dunca, had shifted its automotive plant from Mulund to Ranjangaon, in Pune, in 2009, where commercial production has already started. Before that, the company had shifted its pneumatic division from Mulund to Mhape, in Navi Mumbai. According to a filing to the BSE, the company had sold two acres of land at the backside of the property for Rs 28 crore in December, 2006, to fund its new plant.

Schrader Duncan is a joint Venture between Delhi-based industrialist JP Goenka and Schrader Bridgeport International, USA, which is a subsidiary of global engineering and manufacturing group, Tomkins, UK. Despite several attempts, JP Goenka could not be contacted.

Source: The Financial Express