Konark Synthetic Limited has announced a board meeting to approve the sale of its underutilized property located in Silvassa, which contributed 98% of the company’s total income last year.

The sale, expected to complete within a year, aims to generate at least ₹6 Cr.

Proceeds will be used mainly to repay debt and reduce finance costs, improving the company’s liquidity and debt-equity ratio.

The company may lease back the property or opt for alternative premises to maintain operations.

The buyer will be an unrelated third party, and negotiations are ongoing.