Macrotech Developers Ltd., formerly known Lodha Developers Ltd., agreed to sell its entire 100% stake in Palava Induslogic 3 Private Ltd. to NewCold India Holding B.V.

The company, which executed an agreement on 25 October, will receive 153.65 crore rupees ($18.48 million), the Indian real estate developer said in a stock exchange announcement.

Macrotech said the wholly owned subsidiary didn’t contribute to the consolidated turnover of the company in the year ended 31 March 2023. The networth of the subsidiary is 48.98 crore rupees, it added.

The deal is likely to be completed by 8 January 2024, subject to the fulfillment of certain conditions.

NewCold India, a private entity having its registered office in Netherlands, is an investment company, according to the statement. The company is part of the NewCold Group, which is engaged in the business of cold storage warehousing and ancillary-related services, it said.

Note: $1 = 83.1317 Indian rupees)

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