Gammon sells Mumbai land in Dombivali for ?230 crore

Debt-laden Mumbai-based civil engineering company Gammon India Ltd has sold 50 acres of land in Mumbai’s suburban Dombivali to real estate firm Runwal group for around ? 230 crore as part of an asset monetization plan, according to two people aware of the development who asked not to be named. The land, which had been under litigation for a few years, was sold this week, said one of the two persons mentioned above. In 2014, the Runwal group led by Subodh Runwal, acquired 64 acres in Dombivali for around ? 320 crore. The builder has bought another 50 acres in the same vicinity, said the same person mentioned above. Runwal is planning to develop the land into an integrated township, said the second person mentioned above.