Hindustan Unilever, India’s largest consumer goods company by revenue, is considering to either lease or co-develop its Bangalore IT Special Economic Zone (SEZ) project in a bid to unlock shareholder value.
The move to monetise excess real estate space as SEZ comes soon after its recent move to seek buyers for its Worli Seaface property.
HUL will embark on the SEZ project through Brooke Bond Real Estate Pvt Ltd, its 100% subsidiary. The company has invited co-developers for development of facilities for its IT/ITes SEZ in Bangalore, according to an advertisement published by it on Saturday.
An HUL official close to the development told Track2Realty, “We have received SEZ approval for this site and are now evaluating alternative options to proceed further.” He did not elaborate as he was not authorized to speak to the media.
The land parcel in discussion is spread across 26.5 acres. HUL had last month called for an Expression of Interest (EOI) from developers to sell its Worli Seaface property, Gulita, in Mumbai.
According to sources, more than 10 developers have expressed interest in the property and the deal is pegged to fetch around Rs.250 crore to Rs.300 crore. The Worli Seaface property serves as training centre for the company at present, which is to be shifted to Andheri in the second half of this calendar year. Gulita has a total area of 40,500 square feet and a built-up area of 53,595 sq ft. The company also owns another property at Churchgate, which earlier served as its corporate office.
