Hindalco had shut its aluminium foil plant that was operating on the site in 2010.
The Aditya Birla group flagship, Hindalco Industries Ltd, is all set to sell its 33 acres of prime land in Kalwa, near Thane, for around Rs 1,500 crore through a bidding process. "The company has recently finalised the valuation of the land bank, and will start the auction process in two weeks," two people aware about the developments told dna.
Hindalco had shut its aluminium foil plant that was operating on the site in 2010. An official close to the deal told dna that the company has entrusted the job with a leading real estate consultant, who has, in turn, invited some interested bidders. "A couple of good developers have already shown interest. If everything falls in place, the sale would be completed by May-end," said sources.
Despite several emails and text messages, Hindalco spokesperson Pragnya Ram declined to comment. The company has been toying with the sale plan for quite some time. Last year, in a statement to BSE, the company had said: "We constantly evaluate various value optimisation options with respect to the non-productive assets of the company, including the land located at Kalwa, Thane."
With the sale of land, Hindalco would soon join other corporate houses, including Tata Steel and Clariant Chemicals, which recently sold its surplus land. In March 2014, Oberoi Realty bid Rs 1,160 crore for Tata Steel's 25-acre plot in the Borivli, while Clariant agreed to sell an 87-acre plot in Thane to Lodha Developers for Rs 1,150 crore in April last year.
Before it was shut down, the foil plant in Kalwa, with an annual capacity of 6,000 tonnes, was catering to the packaging needs of several industries such as pharma, processed food, personal health care and confectionery industries among others. This factory was producing bare foil, printed foils and printed multiple laminated products.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}