Ceat sold Bhandup land

Thebullishtrends: Ceat share price closed today at Rs.140.25(+Rs.14.70). Ceat Ltd has informed that the Company have entered into an Agreement on March 10, 2008 with M/s. Ashford Infotech Ltd for development of a portion of Factory land i.e. 6.92 acres located at Village Road, Bhandup, Mumbai for a consideration of Rs 130.00 crore, subject to the terms and conditions contained in the said Agreement.Further the Company has clarify that the above transaction will not impact the Company’s existing tyre manufacturing operations and / or affect its existing workmen as the ongoing operations will continue in the usual manner on the balance portion of about 24 acres of land at the same location.