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JLL facilitates corporate divestment of CIDCO residential asset in Navi Mumbai

Mumbai, 28 March, 2024:  JLL, the country’s leading real estate advisory firm, successfully facilitated the corporate divestment of a City and Industrial Development Corporation (CIDCO) residential asset in Vashi, Navi Mumbai. The asset, comprising a land area of 2160 sq. metres with two structures, was owned by Deepak Fertilisers and Petrochemicals Corporation Limited (DFPCL), a publicly listed, multi-product Indian conglomerate with an annual turnover of over one billion USD.

The transaction, valued at INR 53.39 crores (exclusive of GST), marks a strategic move by DFPCL to divest  its non-core asset. As a trusted advisor, JLL won an exclusive mandate to facilitate the transaction on behalf of DFPCL.

Speaking of the development, Nishant Kabra, Head, Capital Markets (West & North India), JLL India said, “After conducting an extensive marketing campaign and employing a bid process, the winner was chosen. Each bid was evaluated, considering multiple criteria and as well as financial discipline of prospects. This meticulous evaluation process ensured that the selection was done after a lot of careful consideration. This successful divestment yet again exemplifies our expertise in facilitating asset sales for publicly listed corporations. Furthermore, it signifies our continued dominance in the Navi Mumbai market, as this marks our second successful trade in CIDCO within a short period.”

Located in Navi Mumbai, Vashi is a prominent and well-designed city developed by CIDCO Maharashtra. It boasts excellent infrastructure and connectivity with wide roads, ample parking, and strong public transportation. Vashi is a thriving commercial hub and offers diverse residential options including high-rises, gated communities, and standalone houses. This area holds historical importance as one of the earliest developed regions in Navi Mumbai.

Commenting on the development, Mr. Deepak Rastogi, President and Chief Financial Officer of DFPCL, said, “This divestment fully aligns with DFPCL’s strategy of focusing on its chemical and fertilizer businesses while selectively monetizing non-core assets. In this regard, we have successfully divested our non-core assets located in Navi Mumbai, admeasuring 2,160 square meters. JLL India facilitated the closure of the transaction with M/s. Future Realty. We remain committed to investing strategically in building our manufacturing capabilities along with maintaining an accommodating capital structure. Our Mining Chemicals, Industrial Chemicals and Fertilisers businesses are aligned with India growth story and DFPCL is well positioned to benefit from long term supply and demand industry dynamics”