Reliance Retail, India Bulls, Nitesh Estates, RMZ, Lanco among others are in race for acquiring a prime property of TVS Electronics Ltd, located in the heart of Chennai. TVS Electronics has put on block its 6.18 acres of land at Nandambakkam near Chennai airport. Leading real estate consultants Jones Lang LaSalle has been entrusted with the job to identify highest bidder, sources close to the development said here.
The property is situated on the Poonamalle Highway, proximity to the international and domestic airports. Real estate majors such as DLF and other companies have been developing major IT parks and residential complexes in that area. “Given the increasing demand for the prime land area in and around Chennai, the said property is expected to fetch TVS Electronics anywhere between Rs 175 crore to Rs 200 crore,” sources pointed out. The property is ideal for residential, commercial and retail businesses, the sources added.
When contacted, a senior official of TVS Electronics confirmed the development and said: “We want to focus on our core competency. We have enough land in Chennai as well as in Tumkur to expand and diversify our business further. The disposal of this prime property would help us invest in our diversification and increasing our manufacturing capacity.”
“We are entering into new area in service business. We have started servicing telecom majors such as Nokia and others. ICICI Bank is also one of our customer.. We continue to focus on dox-matrix printers, key boards and other electronic hardwares” the official said further. The company has bought this property 15 years ago and constructed a small building for its official purpose, he added.