The Rs. 243-billion Murugappa Group, one of the biggest business conglomerates in Chennai, has reportedly sold two of its properties in the city for a total value of Rs. 147.54 crore. The first property belongs to Tube Investments of India while the second belongs to Carborundum Universal, both of which are part of the group.
Murugappa Group representatives refused to comment about the location of the property and the buyer details,
In a filing with the Bombay Stock Exchange, Tube Investments of India has provided the information that the company has sold a non-operating residential property in Chennai for an aggregate consideration of Rs. 60.54 crore, which has been realised in full by the company on March 4.
In another filing with the bourses, Carborundum Universal Ltd said it has sold its immovable property comprising land and building used for residential purposes in Chennai for a total consideration of Rs 87 crore.
Experts in the real estate industry also were not sure about the location of the property.
But, one real estate consultant, who wished anonymity said, “It could be the eight-ground property at Arunachalam road in Kotturpuram.”
Two residential properties owned by Tube Investments and Carborundum Universal were sold
However, the company did not divulge details about the location and buyers
