Ingersoll-Rand inks lease pact for 10.75 acre in Tamil Nadu

MUMBAI: Diversified industrial company Ingersoll-Rand (India) has entered into a lease agreement with Mahindra World City Developers for acquiring 10.75 acres at Kancheepuram in Tamil Nadu, the company said in a notice to Bombay Stock Exchange.

The company is proposing to set up an additional manufacturing unit to expand its range of products in South India. The lease agreement is for 99 years and construction at the said land is likely to commence before December end, the company said.

Following the announcement, shares of Ingersoll-Rand rose to its intra-day high of Rs 505 on the Bombay Stock Exchange, before closing at Rs 480.25, down 2.8% from Thursday’s close.