The plan is to offer about four floors of Essar House--measuring 24,800 square feet--to MNCs, foreign banks and blue-chip Indian corporates who can afford the price. The deal, if it works out, will generate close to Rs 10 crore of annual rentals for the company--besides the cash deposit--as Essar plans to charge Rs 340-350 per square feet for the full-service office accommodation.

Confirming the move, Shyam Mohan, senior vice-president (operations) of Essar House--a closely-held property and investment company of the Ruias--told The Financial Express: "Over the last few years,Essar House has repeatedly received a number of offers from reputed companies seeking space in the building which could not be accommodated earlier. Since there is space now, as about 250 employees of group companies have shifted to project sites, we can offer space to high-end corporates. We are actively considering the proposals and we will take a view (on this) over the next few weeks."

According to industry sources, Essar recently made a presentation to top-notch real estate brokers seeking clients. Housing Development Finance Corporation and ABN Amro have reportedly evinced interest in occupying space at Essar House.

The plush 21-storied building is currently leased out to Essar group companies. The group companies pay rental to Essar House on the basis of independent valuations.

About four floors of the building, measuring 6,200 square feet each, have been lying vacant ever since over 250 employees of Essar group companies shifted to project sites at Hazira, Vadinar, Mohali andVisakhapatnam.

"We are looking at the business centre concept where a corporate will be provided with everything--from security to secretarial assistance. This will be a full service accommodation, very different from leasing out. You can say we are offering business centre facilities to high-end MNCs and corporates," Mohan pointed out.

The six-year-old Essar House, constructed by L&T and ACC for Rs 80 crore, is designed with a glasscase exterior and a rooftop helipad (though, technically, a chopper can land on the rooftop of the building, necessary permission for the same has not yet been granted to the Ruias). The building is sound-proof, dust-proof and heat-resistent. Industry sources suggest that the group may end up offering eight to ten floors of the building as business centres as more and more Essar employees are likely to be shifted to various project sites. However, company officials said they would first assess the feasiblity of the realty project on a smaller scale. "We don't want to make anyforay into the real estate business. We just want to make the best use of space," Mohan said. Essar House has 21 floors with a built up area of 1,30,200 square feet and a basement of 30,000 square feet.