RPG Life Sciences sells surplus land in Navi Mumbai to Maruti Suzuki

RPG Life Sciences, part of the Kolkata-based RPG Enterprises, has sold leasehold rights on its surplus land in Navi Mumbai to Maruti Suzuki India for Rs76.91 crore, a company statement said.

The 14,148.90 square metre land, located in TTC Industrial area in Navi Mumbai, is part of a 48,632 square metre plot acquired by RPG on a 95-year lease from Maharashtra Industrial Development Corporation (MIDC).

The land is located at Trans-Thane Creek Industrial Area within the village limits of Pawne in Navi Mumbai.

"The proceeds from the transaction will be utilised for reducing the debt of the company and investing in projects to drive its future growth," Ajit Singh Chouhan, managing director of RPG Life Sciences, said in a statement.

RPG Life Sciences is an integrated pharmaceutical company manufacturing branded formulations, global generics, synthetic and fermentation API verticals.

It exports products to Europe, Latin America, Canada and Southeast Asian countries.