Runwal Group offers Rs 1,000 crore to Crompton Greaves for land in Mumbai

MUMBAI: Runwal Group has offered to pay Crompton Greaves Rs 1,000 crore for 25 acres in Mumbai, making it the highest bidder ahead of Lodha Developers and Kalpataru. "The due diligence is going on right now and the deal is expected to be concluded in the next two-three months," said one of two people who confirmed the development but refused to be named.

Crompton is selling part of its total 34-acre land parcel at the city’s Kanjur Marg suburb while retaining around nine acres on which its factory is situated. An Avantha Group spokeswoman said the company won’t comment on "market speculations". The Runwal Group and transaction adviser JLL India declined to comment.