Core Projects may buy Andheri office space for Rs 350cr

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Core Projects may buy Andheri office space for Rs 350cr

Mumbai-based Core Projects and Technologies is in talks with plastic goods maker Supreme Industries to buy out the latter's office property in Mumbai for about Rs 3.5 billion, Business Standard reported on Monday.

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Mumbai-based Core Projects and Technologies is in talks with plastic goods maker Supreme Industries to buy out the latter's office property in Mumbai for about Rs 3.5 billion (Rs 350 crore), Business Standard reported on Monday.

The deal is expected to close within a month and the property is located in Andheri suburb, the report said citing unnamed sources.

Core Project is looking to consolidate its properties and set up new corporate headquarters at one place in Mumbai, the report said quoting Sanjeev Mansotra, chairman and global chief executive, Core Projects and Technologies.

"We are in talks for office space but nothing has finalised yet," Mansotra said.

Unlocking value from real estate is crucial for Supreme Industries as it plans to cut debt and fund its Rs 2.70 billion (Rs 270 crore) capex 2011-12, the report said.

Officials of Core Projects and Technologies and Supreme Industries could not be reached immediately for a comment by Reuters.