In a strategic move to unlock value from its non-core assets, Merino Shelters Pvt Ltd (MSPL), a wholly owned subsidiary of MAN Industries (India), has entered into a development agreement with Paradise Green-Spaces LLP to monetize a prime land parcel in Nerul, Navi Mumbai, valued at approximately Rs 7.20 to 7.70 billion.

The transaction, finalized on March 31, 2025, grants development rights for a approximately 6-acre plot located directly opposite the D.Y. Patil Stadium, one of Navi Mumbai’s most prominent landmarks. The location also benefits from its proximity to the upcoming Navi Mumbai International Airport, expected to become operational by June 2025.

Under the agreement, MSPL will receive an upfront payment of Rs 700 million and retain 30 per cent of the developed area, amounting to approximately 4.5 lakh sq. ft. of RERA carpet area in residential and commercial space. The monetisation is projected to unfold over 5 to 6 years, with the total value of the deal estimated between Rs 7.20 and Rs 7,70 billion.

Nikhil Mansukhani, Managing Director of MAN Industries, described the deal as a critical part of the company’s broader strategy: “This agreement allows us to focus more sharply on our core line pipe business while enabling strategic expansion into high-value segments and new geographies. It marks a major step in our journey toward long-term, consistent growth and value creation for our shareholders.”

Manish Bathija, Managing Director of Paradise Group, also shared his outlook on the project: “Partnering with Merino Shelters for this landmark project is a significant milestone for us. The land’s location near D.Y. Patil Stadium and the upcoming airport presents a tremendous opportunity to create a standout urban development.