Financial Daily
from THE HINDU group of publications
Wednesday, May 02, 2001
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Financial Daily from THE HINDU group of publications Wednesday, May 02, 2001 |
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Novartis, Ciba to sell Goregaon assets
MUMBAI: Novartis India Ltd together with Ciba Speciality Chemicals India Ltd on Tuesday signed a letter of intent with Kingston Properties Private Ltd for the sale of their rights and interests in their properties at Goregaon in Mumbai.
Both companies propose to execute a memorandum of understanding with Kingston Properties on satisfaction of certain pre-conditions, the company said in a press release.
On execution, Novartis India Ltd will receive Rs 72.5 crore in instalments, over a four-year period. During this period, Novartis will continue to occupy the premises currently under its ownership. Ciba will receive Rs 20.3 crore on the sale of the prope
rty. -- Our Bureau
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