Everest Industries Limited announced that its Board of Directors has approved the sale of 23.32 acres of vacant land located at Kurichi Village, Podanur, Coimbatore, Tamil Nadu, to G Square Realtors Private Limited. The approval was granted through a circular resolution on August 28, 2025.
The land, being excess and unused, will not impact the company’s core business operations. The total consideration for the transaction amounts to Rs 133.85 crore, payable in three tranches. The company confirmed it has already received the first tranche of Rs 7 crore upon signing the binding term sheet on August 28. A second tranche of Rs 8 crore will be paid upon receipt of the required environmental clearance amendment, while the balance of Rs 118.85 crore will be settled at the execution of the sale deed.
The transaction is expected to be completed within four months from the signing of the term sheet or three months from receipt of the environmental clearance, whichever is later, with the possibility of extension by mutual consent.
The buyer, G Square Realtors, is one of Tamil Nadu’s leading real estate developers. Everest clarified that the transaction does not involve related parties and is not part of any scheme of arrangement.
