Kanakia group to buy India Tube Mills land

Luxury residential developer Kanakia group is close to buying a seven-acre plot in Mumbai's Vikhroli suburb from India Tube Mills and Metal (ITM) Industries Ltd for Rs363 crore, two people aware of the matter said. The Mumbai-based builder has entered into a memorandum of understanding (MoU) with ITM, an industrial equipment maker, to buy the plot housing the latter's office and factory, the people mentioned above said on condition of anonymity. “Legal diligence of the deal is currently underway,” said the first of the two people mentioned above, adding both are in an advanced stage of talks. With a development potential of around 10-15 lakh sq. ft, the Kanakia group is looking to utilize the land either for mixed used development or building residential projects, the people said.