Kalpataru Group, Oberoi Realty, Runwal Group and Lodha Group in final lap for Clariant's plot

MUMBAI: Speciality chemicals maker Clariant Chemicals has shortlisted four Mumbai-based real estate developers for selling its 87-acre land parcel in Thane, three people familiar with the development said.

These people said Kalpataru Group, Oberoi Realty, Runwal Group and Lodha Group are now in the running for the plot, which has a development potential of 6 million square feet. Four other bidders were dropped after the final round of talks on October 12.

“All four shortlisted developers have submitted their bids and the transaction is likely to be concluded by the yearend,” one of these people said. The land parcel is at Kolshet in Thane, where property prices are currently hovering at Rs 8,000 per sq ft. Clariant Chemicals is hoping to raise Rs 1,500 crore through the sale. An email query sent to Clariant remained unanswered till the time of going to press.

Spokespersons of Kalpataru, Oberoi, Runwal and Lodha declined comment. Of the 87 acres, 23 acres is freehold while Clariant has a lease for the remaining land. The company is selling the land parcel on ‘as-is-where-is’ basis and the winning bidder is expected to secure the consent of the authorities for further development.

Given the size of the deal, Clariant may agree to payment in tranches, which will be negotiated with the winning bidder, one of the persons mentioned above said. Clariant initiated the process to sell the land parcel following approval from its board in July.

The board has also approved relocation of its Masterbatches plant from Kolshet to Renaissance Industrial & Warehousing Complex at Bhiwandi in Thane.