Dunlop to offload Worli property for Rs 300-350 cr

Evaluating land parcels across the country.

Dunlop India Ltd (DIL), the Kolkata-based tyre manufacturing company controlled by Pawan Kumar Ruia, 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.

When contacted a Dunlop spokesperson said, "We are not considering to sell any property. If some valuation work has been done, that is a routine affair. We don't want to share details about that."

Analysts say 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.

When the Ruia's took over Dunlop from the M R Chabbria's they revalued the property and put the Worli and Chennai property under four subsidiaries — Dunlop properties, Dunlop infrastructure, Dunlop estates and Bhartiya hotels.