CG Power signs contract with Evie Real Estate to sell Kanjurmarg property worth Rs 382 crore

As per term sheet signed with Evie Real Estate, the sale of the property is fixed at Rs 382 crore, in addition to repayment of Rs 20 crore of deposit, under dispute.

On Monday, CG Power and Industrial Solution signed a contract with Evie Real Estate for the sale of property located in Kanjurmarg Mumbai at Rs 382 crore by March 2022.

According to the company’s regulatory filing, “As per the term sheet signed with the buyer [Evie Real Estate Pvt. Ltd.], the sale consideration has been fixed at ₹382 crores, in addition to repayment of ₹20 crores of deposit, under dispute. The transaction is scheduled to be completed on or before March 31, 2022 [long stop date].”

The company which is under the new management has negotiated about the purchase, reached a settlement and later both signed the term sheet on October 16.

CG Power entered into an agreement on October 28, 2015, with Evie Real Estate for the sale of the property located in Kanjurmarg. The CG Power was supposed to make the purchase by December 27, 2019.

However, the company mentioned the reason as multiple developments in the management which lead to a rise in claims and counter-claims between the parties, and thus, the transaction was not completed before the closing date under the agreement.

Published by– PTI