The Hindu Business Line : RCF looking at developing IT park on surplus land

AS more and more corporates in Mumbai sell off their properties to fill their kitty, Rashtriya Chemicals and Fertilizers (RCF) is seeking to do it differently.

The Rs 2,800-crore PSU has plans to appoint a consultant to develop its property at Chembur in the northern suburbs of Mumbai. And one of the projects being mulled on the excess land is an IT park.

RCF expects to appoint an architectural consultant in a month, an official familiar with the development told Business Line.

RCF has two properties at its township and at the factory. The consultant's brief is to come up with a plan that can optimally utilise the excess land, the official said, on conditions of anonymity.

Significantly, real estate was one of the attractions of the company when it was put on the block as a candidate for divestment in 2004.

The company has called for tenders to build a modern IT park at Chembur. "The park is proposed to be located in the prime location on the Eastern Express highway next to the existing corporate office, `Priyadarshini'."

Stating that plans were still at a preliminary stage, the official said that the consultant may suggest a biotech park or may completely veto plans for commercial development of the excess land.

Unwilling to divulge details, the official said that clarity will emerge on the proposal only when a consultant has been appointed. If at all there is a proposal to develop the excess property, the plan would then have to be submitted to the company's board for approval.

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