Everest Industries has approved the sale of a 23.32-acre land parcel in Coimbatore, Tamil Nadu, to G Square Realtors for Rs 133.85 crore. The total consideration will be paid in three tranches and the company has already received the first tranche of Rs 7 crore upon signing the term sheet on August 28, 2025.
Sale deed execution within four months
The second tranche of Rs 8 crore will be payable after securing an amendment to the environmental clearance. The balance of Rs 118.85 crore will be released upon execution of the sale deed.
The sale deed is expected to be executed within four months from the date of the term sheet or within three months from receipt of environmental clearance, whichever is later. Both parties may extend the timeline by mutual consent.
No impact on business operations: Everest Industries
The company clarified that the land, located at Kurichi Village, Podanur, is vacant and considered excess. “The proposed sale will not have any impact on the business operations of the company,” Everest Industries said in its regulatory filing.
The buyer, G Square Realtors, is one of Tamil Nadu’s leading real estate developers. Everest clarified that the purchaser does not belong to its promoter or promoter group, and the transaction does not fall under related party transactions.
Share price of Everest Industries
The share price of Everest Industries, an Indian building solutions company, has seen a significant surge in the past six months, gaining 21.82 per cent.