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Mergers & Acquisitions | 9 April 2012

Piramal Realty Acquires Gulita For R452Cr From HUL

by Charmi Gutka
Piramal Realty Acquires Gulita For R452Cr From HUL
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Piramal Realty has acquired Gulita - property in south Mumbai from Hindustan Unilever for R452Cr.

Piramal Realty is planning to develop high-end luxury apartments on the one-acre land and Ajay Piramal might keep a part of it for his personal use, given the premium location, according to ET.

Gulita is a one-acre property in Worli Seaface, which used to house a training centre and private residences of senior executives of Unilever's Indian arm.

Gulita was built in 1968 and the land was taken on a perpetual lease from the Brihanmumbai Municipal Corporation--the Mumbai civic authority. The property was put on the block after the company set up a new campus in the suburbs of Andheri and shifted its training facilities there.

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