The Hindu Business Line : HTL plans to sell land in Chennai

Jones Lang LaSalle, an international real estate consultancy firm, which is the exclusive marketer for the property has advertised that the land on GST Road is to be auctioned.

The area, traditionally an industrial centre, has in recent years emerged as a centre for IT companies and developed commercial space. Software companies and technology parks have come up within the Guindy Industrial Estate adjacent to the property. A major IT project, the Olympia Tech Park, with about a million sq ft of commercial space is coming up nearby.

HTL, a subsidiary of Himachal Futuristic Communications Ltd, a telecommunications equipment manufacturer, is under the purview of the BIFR. Himachal Futuristic took a 74 per cent stake in 2001 when the Government of India disinvested its holding.

According to the annual report for 2005-06 of Himachal Futuristic, HTL has accumulated losses of Rs 177 crore as on March 31, 2006. Its liabilities exceed its assets by Rs 29.9 crore.

The report said that during the year, the National Highways Authority of India acquired 1.64 acres land from HTL for Rs 29.06 crore.

According to those in real estate sector, the property could fetch about Rs 15 crore per acre.

Company officials declined to share information on the proposed sale. The decision was taken by an asset sale committee, they said.

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