Clariant Chemicals puts 80 acre Thane land on sale to raise Rs 1500-1600 crores

Specialty chemicals producer Clariant Chemicals has put its Thane land up for sale and expects to raise Rs.1500-1600 crores from the 80 acre land parcel, three independent sources suggest. Sources say that Ambit has been mandated by the company for the land deal. Cash-rich companies like Oberoi Realty, Piramal Realty and Lodha Developers are some of the serious contenders in the fray, sources suggest. The deal is expected to be closed within the next six months.

The Clariant Chemicals’ stock surged 19% after ET Now reported the deal news and ended the day up 12.18%. This could be a potentially large deal for the chemicals company which has a market cap of close to Rs.1,000 crores. Clariant has a chemical manufacturing unit on the Thane land parcel and is planning to relocate it to Gujarat once the land is sold off. Apart from monetizing the property, another reason for Clariant to sell the land and change the location of the chemical factory is it’s proximity to other residential areas.

In response to ET Now’s query, Clariant Chemicals in an e-mail statement said, “The company has neither initiated any process nor taken any decision to sell its land in Thane.”