Mumbai/Bangalore: Tata Global Beverages Ltd said on Monday that it has entered into an agreement with group company Tata Realty and Infrastructure Ltd to develop the former’s property in Bangalore through a special purpose vehicle (SPV).
“The consideration for the transfer of the company’s property is Rs.195 crore which will be discharged by a mix of cash, equity or other securities in the SPV and constructed space in the developed property. The necessary transaction documents have been executed by the parties in this regard,” Tata Global Beverages said in a filing to BSE. The company did not disclose details of property development.
Tata Realty is the real estate and infrastructure development arm of Tata Group.
Tata Communications Ltd, a Tata Group firm, is also in the process of selling its land in various cities. The company sold a piece of land in Chennai earlier this year.