CG Power Pact with Evie Real Estate to Sell Property for ?382 Crore

CG Power and Industrial Solutions has signed a binding term sheet with Evie Real Estate to sell its property at Kanjurmarg in Mumbai, for ?382 crore by March 2022.  “As per the term sheet signed with the buyer [Evie Real Estate Pvt. Ltd.], the sale consideration has been fixed at ?382 crore, in addition to repayment of ?20 crore of deposit, under dispute. The transaction is scheduled to be completed on or before March 31, 2022. The company, under the new management, has discussed with the buyer for completion of the transaction, reached settlement and has signed a binding term sheet on October 16. The company had entered into an agreement on October 28, 2015, with Evie Real Estate Pvt. Ltd. for the sale of the company’s property at Kanjurmarg, and the sale of the property was to be completed by December 27, 2019. However, the sale transaction could not be completed before the “closing date” under the agreement, due to various developments that took place in the company, giving rise to claims and counter-claims between the parties