Mastek has entered into a Memorandum of Understanding to sell a commercial building located in Mahindra World City, Chennai. The asset, featuring an approximate built-up area of 1,57,233 Sq. Ft., will be divested to Caresoft Mobility Private Limited for an aggregate consideration of Rs. 60 crores. The transaction is expected to be finalized following the execution of definitive agreements and the receipt of all necessary regulatory and statutory approvals.
Asset Divestment Details
Mastek has reached an agreement to sell its commercial facility situated on a 15.50-acre leased plot at the Mahindra World City, SEZ, Chengalpattu, Chennai. The property, which spans 1,57,233 Sq. Ft. of built-up space, represents a strategic decision by the company to optimize its asset portfolio. The agreement was formally initiated on April 24, 2026.
Financial Terms and Transaction Structure
The total value of the transaction is set at Rs. 60 crores. According to the terms of the agreement, the consideration is scheduled to be received by Mastek in two tranches. The company has clarified that the buyer, Caresoft Mobility Private Limited, is an independent entity and does not maintain any connection to Mastek’s promoter group.
Path to Completion
While the initial Memorandum of Understanding is in place, the formal transfer of the property remains subject to several conditions. These include the execution of definitive legal agreements and obtaining all required statutory and regulatory clearances. The company will proceed with the final sale process in due course as these administrative and compliance requirements are met.
Source: BSE
