Gammon India, a civil engineering construction company, has sold 50 acres of land in Mumbai’s suburban Dombivali to real estate developer Runwal Group for around 230 crore rupees ($31.2 million) as part of an asset monetization plan.
Runwal is planning to develop the land into an integrated township.
Gammon India has been seeking to sell the land to repay its debt for the past four-five years.
In 2014, the Runwal group acquired 64 acres in Dombivali for around $43.4 million.