Financial Daily from THE HINDU group of publications
Thursday, Nov 25, 2004
Financial Daily from THE HINDU group of publications Thursday, Nov 25, 2004 |
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Courts/Legal Issues Corporate - Mergers & Acquisitions Industry & Economy - Real Estate & Construction Coimbatore industrialist bags Standard Motors property Our Legal Correspondent
Chennai , Nov. 24 A COIMBATORE-based industrialist Mr T.S.R. Khannaiyann has succeeded in clinching the bid for the purchase of the assets of Standard Motor Products of India Ltd, for a price of Rs 140 crore. Mr Justice K. Raviraja Pandian, who perused the offers by 10 persons in the auction held on Tuesday, got the bid hiked to Rs 140 crore, against the bid offer of Rs 134 crore. "I am sure you will be able to reap the benefit through the business you will be planning,'' the Judge said. While confirming the sale, the Judge fixed a time-schedule for payment of the sale price — 10 per cent to be paid within a fortnight (by December 8), 50 per cent of the balance within a fortnight thereafter and the remainder within the next fortnight. Mr Khannaiyann's Hindusthan Group includes companies that manufacture power and distribution transformers, varnish-bonded fibre glass covered wires and strips, copper and aluminium wires and strips, electrical panel boards, and steel radiators for power and distribution transformers. Besides, the group has in its fold an engineering college, an arts and science college and a higher secondary school. Talking to Business Line here, Mr Khannaiyann said he would utilise the Perungalathur complex to put up some units in the automotive sector. He said that the Hindusthan Group had a turnover of over Rs 100 crore and getting the money to acquire the Standard Motor property would not be a problem. He was quite keen to start some manufacturing activity in the premises, especially since some of the plant and machinery were in good condition. The automotive sector in Tamil Nadu was doing well and hence he was keen to start an ancillary manufacturing unit, he said. Mr Khannaiyann said the group would take a decision on how to use the property within a fortnight. A number of builders had approached him with proposals for joint development, but he had turned them down, he said. In the auction on Tuesday, an Andhra Pradesh firm was reported to have offered a price of Rs 135 crore against the upset price of Rs 63 crore. But the company was evidently not inclined to go in for the deal at a higher price.
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