Britannia monetises its land parcel in Chennai for Rs 172 cr

Britannia Industries, among the top publicly held food companies in India, has said that it has monetised its factory land in Chennai for Rs 172 crores.

According to information available, Britannia had its factory spread across 16 acres in Padi in Chennai, which has since been closed for around a year.

Britannia Industries during last year had called for bids to sell off this land parcel.

Industry analysts indicated that since this property is in the industrial hub, it will attract much more value if it is converted and made ready for a residential or a commercial development.

This move by Britannia to sell the land at Chennai comes parallely to a move which the company is contemplating to develop a 6-acre plot in Bangalore on which its headquarters is located. The land, if unlocked can fetch around Rs 450 crore.