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Eveready Industries on Saturday said it has executed an agreement with Nuland Technologies for sale of its land situated at Moula All Industrial Development Area, Hyderabad, for a consideration of Rs 100 crore. "The sale is expected to be completed within 4-5 months on completion of certain milestones," it said in a BSE filing.
The land was earlier the location of a battery manufacturing facility which had become economically unviable which led to it becoming idle for some time, it said. "The land therefore became surplus to the company's needs. The parties to the Agreement for Sale are not related and this would not fall within related party transactions," it added.
**** ***** ***** Indian Bank launches external benchmark based lending rate
* Indian Bank said on Saturday that it has revised the marginal cost of funds based lending rates (MCLRs) for various tenors, with effect from September 3. Further, the bank has introduced repo based lending rate (RBLR) and the same is fixed at 8.20 per cent effective from September 1, the bank said in a BSE filing.
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