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Jayanta Mallick

Kolkata , Aug. 25

GKW is active on the market again on the property sale buzz. The company, which has received approval from BIFR for its revival package, is understood to be on the verge of clinching it Bangalore property deal.

The stock closed at Rs 35.70, after touching day's high at Rs 37, with a gain of 1.82 per cent. The traded quantity in the counter was 67,452 shares on the NSE.

Sources close to the management confirming the development said that the Bangalore property is likely to fetch around Rs 150 crore. "The consideration alone might take care of bulk of the Rs 170 crore total liabilities the company had run up. The negotiations for Bhandup (near Mumbai) properties have also been initiated," a source informed.

The current market price for the Bhandup property is stated to be over Rs 350 crore. The company's property of around 75 acre at Andul in West Bengal is likely to fetch around Rs 100 crore.

As the West Bengal Government has recently changed its policy on industrial land and permitted Hindustan Motors to sell its land, expectations have been raised for similar permissions sought by companies such as GKW.

The surplus money for GKW through land deals would enhance the networth of the company. Meanwhile, the operations of the company, after restructuring of business, have been going on. According to sources, the steel and auto component units are reportedly doing well in view of steady demand.

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