DB Realty looks to sell Mumbai land

Esteem Properties, a wholly owned subsidiary of DB Realty, has entered into a non-binding term sheet with a large fund for the sale of its land adjacent to the ITC Grand Maratha Hotel in Andheri East, Mumbai, for Rs 480 crore, according to a BSE filing. A purchase agreement has not been signed. The proposed transaction is subject to customary diligence and required approvals, and it is expected to close within 60 to 90 days, according to the company. However, due to the buyer's confidentiality, the company did not reveal the buyer's name. Also read: India considers laying more petro pipelines for Nepal PM launches projects worth Rs 31 billion in Surat