Merino Shelters' Navi Mumbai Play: A Six-Acre Opportunity

Merino Shelters (MSPL), a subsidiary of Man Industries (India), has entered into a ‘Deed of Assignment’ with Green-Spaces, a part of the Paradise Group, to develop a six-acre plot of land in Navi Mumbai, located opposite DY Patil Stadium.

As part of the agreement, MSPL will receive an upfront payment of Rs 70 crore and will own 30% of the developed area, which amounts to approximately 4,50,000 sq. ft. of RERA carpet area. The total expected monetization value of the project is projected to be between Rs 720-770 crore over a span of five to six years. The site offers excellent connectivity, including proximity to the upcoming Navi Mumbai International Airport.

The revenue generated from this deal will be used to support MSPL’s expansion and growth in its core line pipe business. Nikhil Mansukhani, Managing Director of MSPL, commented, “This deal represents an important milestone in our strategy to focus on our core operations while monetizing non-core assets.”

News by Rahul Yelligetti.