Hinduja Realty will develop market projects on Gulf Oil's properties, say insiders
The Hinduja group's Gulf Oil, being split into two companies, is evaluating options on its land bank worth Rs 3,500 crore, which will be available to the group for development after the restructuring. The group has 50 per cent stake in Gulf Oil.
The group will be setting up townships, information technology parks, and commercial complexes on Gulf Oil's land and competing with established entities such as Tatas and Godrej.
The group's Ashok Hinduja said the land bank included 400 acres of prime land in Hyderabad, Bangalore and near Mumbai. As part of a demerger plan announced in August, while listed Gulf Oil will retain the real estate, the lube business is being transferred to a new company, to be listed on Indian stock exchanges at a later date.
"We are looking at all options on development of real estate," Hinduja said. The demerger is expected be completed by March this year, he added.
The Hindujas are unlocking the value of real estate owned by its various group companies, using privately owned Hinduja Realty. The land bank of Gulf Oil will be used by Hinduja Realty to develop and market projects, say insiders.