Bayer CropScience sells property in Maharashtra for Rs 1,250 crore

NEW DELHI: Agro-chemical firm Bayer CropScience Ltd today said it has sold its property at Thane in Maharashtra for Rs 1,250 crore to Agile Real Estate.

The company had 104 acres of land at Kolshet Road, Balkum Village in Thane alongwith buildings and structures.

In March 2011, Bayer CropScience had entered into a binding agreement with Agile Real Estate for the proposed sale of land and building. It had received Rs 520 crore from Agile as earnest money and advance for this exclusive deal.

In a filing to the BSE, Bayer CropScience said that both the partners "have accepted a sum of Rs 1,250 crore to be the full and final aggregate consideration for the sale and transfer of the said property in favour of Agile".

The company said it has entered into two agreements and executed all other incidental documents with Agile and also undertaken all the requisite acts to close the transaction.

"...the company has received the balance consideration being Rs 730 crore only in full and final consideration," Bayer CropScience said in the filing.

In India, Bayer CropScience operates in three business segments: crop protection, bioscience and environmental science. It offers wide range of products and extensive service backup for modern, sustainable agriculture as well as for non-agricultural applications.

The company's share price was trading up by 2.35 per cent at Rs 1,225 on BSE.

In 2011-12 fiscal, Bayer CropScience had posted a net profit of Rs 139 crore over a revenue of Rs 2,272 crore. Bayer CropScience is part of Germany's Bayer Group.