Britannia Industries, well known India’s largest publicly
held food company, has at last finally decided to sell its factory as well as
the land spread over 16 acres in Chennai’s industrial hub- Padi. According to
information revealed, the company may look to sell this asset in two parts of
close to 9 acres first and then the rest later.
Vinita Bali, MD, Britannia Industries said that they are in
the process of selling the Chennai factory as it was not efficient. She
however, did not comment on the kind of amount the company was looking to mop
up by selling this asset.
According to information available, Bangalore-based firm Shriram
Properties is understood to be considering bidding for this property. Industry
analysts indicated that since this property is in the industrial hub, it will
grab much more value if it will be converted and made ready for a residential
or a commercial development. “If converted, an acre cost up between Rs 10-12
crores per acre,” an industry expert indicated and Britannia may be getting
close to around Rs 100 crore by exiting the first parcel of close to 9 acres.
This move by Britannia to sell the land at Chennai comes parallel
to a move which the company is contemplating to develop a 6-acre plot in
Bangalore on which its headquarters is located.
The land, if unlocked can fetch around Rs 450 crore.
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