Ashok Leyland sells 1-acre prime property plot in Chennai for Rs 210 cr

As part of its strategy to sell non-core assets, commercial vehicle maker Ashok Leyland has raised Rs 210 crore from sale of a 1-acre property in Chenai posh Boat Club area, one of the most expensive residential addresses in the Southern city.

"With this transaction, the sale of the entire property stands completed, for a total consideration of 210 crore, the proceeds of which has since been received by the company fully," Leyland said in a statement to Bombay Stock Exchange.

The company has been looking toto sell non-core assets as a part of its plan to cut debt. The company mobilised around Rs 600 crore in 2013by selling its non-core assets including some of its real estate assets.

According to a report in Times of India, at 11.57 crore per ground (2,400sqft), this is the highest price recorded in the city so far.

More from Real Estate

"The previous benchmark price registered in the city was close to Rs 100 crore that Chennai-based builder Ravi Appasamy paid for a 9.5 ground land owned by Viju Mahtaney of Ambattur Clothing in the same Boat Club," the report added.

Hinduja Group flagship company Ashok Leyland shares on Tuesday closed at Rs 37.80 apiece on the BSE, up 7.39 per cent from its previous close.