The Hindu Business Line : Gulf Oil set to unlock value of 2,000-acre land bank

“The Rs 1,600-crore Bangalore project will be first of the block. Work on the project, that seeks to create an IT park, would get underway within two months.”

V.Rishi Kumar

Hyderabad, June 1 Gulf Oil Corporation is all set to unlock the inherent value of part of the 2,000-plus acre land bank the company has created over the years across cities to step up infrastructure business.

To start with, this Hinduja Group company has slotted two of its major properties — in Hyderabad (a 100-acre site) and Bangalore (a 40-acre property) near the Yelahanka International airport — and is in the process of finalising plans to either attract strategic investors or private equity firms.

“We have recently valued these two properties at Rs 1,839 crore and are close to finalising business plans. Several private equity companies have evinced interest in these projects, which are strategically located,” Mr Subhas Pramanik, Managing Director of Gulf Oil Corporation, said.

Bangalore project

Speaking to Business Line, Mr Pramanik said “The Rs 1,600-crore Bangalore project will be first of the block. Work on the project, that seeks to create an IT park, would get underway within two months. All the clearances are ready and we expect to develop 5 million sq ft of office space in there.”

“The Bangalore project will be a mixed development one with focus on infrastructure for IT companies and have a lot of commercial space hosting malls, hotels and related infrastructure. We will soon finalise a partner for this project,” he said.

SCIENCE CITY

Referring to the Hyderabad project located at the Gulf Oil premises, Mr Pramanik said the company has applied for clearances from the Government for a Science City project which will be developed in collaboration with a German company, which has handled similar work.

“This is a large investment project and may entail an overall outlay of over Rs 6,000 crore. We expect to finalise plans for the project once the clearances are secured. The focus will be to cater to R&D units,” he said.

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Gulf Oil set to unlock value of 2,000-acre land bank