HUL sells leasehold rights for Mumbai property for Rs452 crore

HUL and entities of Piramal Realty have signed an agreement for the assignment of HUL's leasehold rights of the land and building named 'Gulita' situated at Mumbai for Rs452.5 crore, HUL said in a filing to the BSE

HUL and entities of Piramal Realty have signed an agreement for the assignment of HUL's leasehold rights of the land and building named 'Gulita' situated at Mumbai for Rs452.5 crore, HUL said in a filing to the BSE

FMCG major Hindustan Unilever Ltd (HUL) said the company has sold its leasehold rights of a property in Mumbai for Rs452.5 crore to Ajay Piramal Group firm Piramal Realty.
 
HUL and entities of Piramal Realty have signed an agreement for assignment of HUL's leasehold rights of the land and building named 'Gulita' situated at Mumbai for Rs452.5 crore, HUL said in a filing to the BSE.

The consideration includes both fixed and variable components, it added.
 
According to sources, realty consultant Jones Lang LaSalle India negotiated the deal on behalf of Piramal Realty.
 
The property was taken on lease from Maharashtra government by HUL and used as a training centre, a source said, adding Piramal Realty will use the premises to develop a new residential complex.
 
In the past few years, HUL has been selling off some of properties it owns, including some in Gurgaon and Mumbai, to unlock value.

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SAIL hikes prices of some long products by 2.5%

According to SAIL's website, the company has hiked the price of TMT bar (8mm) by Rs500 a tonne to Rs41,000 a tonne. It also hiked the price of angle (65 x 65 x 6mm) and channel (200 x 75 mm) by Rs1,000 a tonne to Rs39,500 a tonne

State-run Steel Authority of India said it has hiked the price of some long products by 2.5% with effect from 1 April 2012.

“For some sections of structurals (light and medium), a marginal increase (2.5%) was taken. However, sales in these categories are about 3% of the total sales of SAIL,” the company said in a statement.

According to SAIL's website, the company has hiked the price of TMT bar (8mm) by Rs500 a tonne to Rs41,000 a tonne. It also hiked the price of angle (65 x 65 x 6mm) and channel (200 x 75 mm) by Rs1,000 a tonne to Rs39,500 a tonne.

The company, however, said, “For April, 2012, prices were rolled over for all flat and long products of SAIL, as they were prevailing during March. Thus, there is no such increase in the prices.”

Domestic steel makers raised the prices for both long and flat products by up to Rs 1,500 a tonne, to partially offset the inflated production cost due to hike in freight rates with effect from 2 April 2012.

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