CL Educate sells third land parcel in Faridabad for Rs 3.24cr

CL Educate Limited, an Indian edtech company that owns the Career Launcher brand, said that it has sold a third plot of land this year.

According to the company, over the last few years, it has been in the process of quitting asset heavy businesses. In line with this decision, CL Educate has been planning to convert its real estate bank, which is valued at INR 65-70 crores, into cash for redeploying in its core business.

In October 2021, CL Educate concluded a couple of transactions, which includes a plot in Faridabad for INR 7.25 crores and another one in Amritsar for INR 2.3 crores, the latter held via a subsidiary.

Today, the Indian edtech company said that a third plot in Faridabad, held in one of its fully-owned subsidiaries, had been sold for a price of INR 3.24 crores.

CL Educate plans to sell two more real estate parcels in the next three to four quarters.