Dunlop India Ltd (DIL), the Kolkata-based tyre manufacturing company has put its real estate assets on a block to raise money.
A senior official close to the development said, “Dunlop is looking to sell off its land parcels across the country, which would generate good value. The first property it has put on sale is the one-acre land parcel in Worli, Mumbai. It is in a very prime location and the company is looking to raise anywhere between Rs.300 and Rs.350 crore.”
The company has roped in international property consultants (IPC) and final binding contract of hiring of the IPC would be signed soon. The property was revalued in 2007 and pegged at Rs.120 crore.
The company has officially denied sell of any property, saying valuation work has been a routine affair.
However, sources maintain even in Tamil Nadu, where the company has surplus land, Ruia is planning to either sell off or jointly develop the property and realise around Rs.700 crore.
Realty brokers in Kolkata said since 2009 Dunlop has been trying to sell its properties across the country and finally things are materialising.
Dunlop recently evaluated its Kolkata properties. Senior land deal brokers, however, say the company is not happy with the valuation and, hence, are approaching the IPC for better deals.
