Ashwin Sheth Acquires Cinevista Movie Studio 5-Acre Land Parcel
Ashwin Sheth Group has signed a deal to acquire a 5-acre plot that houses a movie studio owned by production house Cinevista at Mumbai’s Kanjur Marg suburb for more than Rs 260 crore, three people with direct knowledge of the matter said. The initial memorandum of understanding has been signed last week and a certain part of the total consideration has already been paid. The transaction is expected to be registered anytime soon. The company put the land for sale last year, stating that its cash flows were stretched and sustenance of debt levels was difficult. The 5-acre property was bought by the company in 2003 and was developed as a one-stop shop for all shooting needs. In 2008, Cinevista had planned to convert 3 acres of the land into an IT-park at an investment of Rs 200 crore. The plan never took off. The buyer, Ashwin Sheth Group, plans to develop a commercial office project there. Given the current floor space index norms, the plot has a total development potential of 1.3 million sq ft.
Tags : News/Views Mumbai Ashwin Sheth Group IT Park commercial office project Cinevista production house