The Hindu Business Line : Best & Crompton sells Ambattur property for Rs 148 cr

Chennai, Feb. 11 Best & Crompton has sold its 14.5-acre property at Ambattur in Chennai to Mr C. Sivasankaran, Chairman, Sterling Infotech Group, according to sources in the know.

The sources said the deal has been finalised for Rs 148.50 crore and the paper work is on. Top industrial houses had bid for the property, which was finally bagged by Mr Sivasankaran.

Officials in both the companies declined to comment on the deal.

It may be recalled that Mr Sivasankaran acquired a 15 per cent stake in Best & Crompton last year. Through another deal he also acquired last year the Best & Crompton’s prime residential property on Cenotaph Road in the heart of the city.

A luxury apartment is planned along with a Chennai-based developer. Best & Crompton was planning to put up a 2.6 million sq ft information technology park at Ambattur. This was a part of the diversification plan announced by it last year.

However, Best & Crompton changed its mind about investing in the new venture and has decided to focus on its core area of engineering and other diversification plans, the sources said.

Ambattur has emerged as a major hub for IT and ITES sector with top companies putting up software parks in what was once a predominantly a manufacturing centre.

Mr Sivasankaran is likely to put up the IT park at the property he has acquired, the sources said.

More Stories on : Sick Units | Real Estate & Construction | Tamil Nadu

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Fifth R&D centre for Panacea Biotec

Elecon Engg bags SAIL order

Consolidation and growing big, a top hurdle for CAs

Biocon buys 70% stake in German pharma co for €30 m

Moser Baer to invest $1.5 b in thin film unit

Orissa gives nod for land to Arcelor Mittal

FTE Setco hopes to supply clutch actuation systems in December

Escorts Construction ties up with Altec

Fuel quality: IOC to invest Rs 9,000 cr

Bihar to invite fresh bids for 10 sugar mills

Best & Crompton sells Ambattur property for Rs 148 cr

Modine Thermal seeks tie-up for engine-cooling systems

Firefox to raise bike sales

OIL top post: ONGC’s Hazarika among 22 in the race