MUMBAI: Specialty steel manufacturer Mukand on Tuesday said that it has completed the sale of five acres of its lease-hold land in the trans-Thane creek industrial area for Rs 42.5 crore to Vodafone Essar Shared Services.

This sale comes close on the heels of a land-parcel in Andheri in the metropolis sold by Borosil Glass Works to Neepa Real Estate for Rs 830-crore just last week.

Mukand had earlier said that it was planning to sell some of its land-parcels in the vicinity of Mumbai. It is understood that the company has around 55-acres, which it plans to sell.

It is also understood that the company would use the proceeds of its land-sale to reduce its debt.

Mukand had, a few years ago, sold around 25-acres of land at Kurla in Mumbai for Rs 221-crore. The buyers were Offbeat Developers and Graceworks Technologies.