Finolex To Sell Pune SEZ Land For Rs 400 Crore

Finolex Industries has planned to sell off its special economic zone plot at Chinchwad near Pune. It is close to signing a deal with a US-based developer to sell the land for four hundred crore rupees.

The 950 crore rupees maker of PVC pipes and fittings had been weighing two options for the 78 acre plot, either to develop it as an information technology SEZ or dispose it off completely and unlock the value of the land.

The company is about to finalizing the details of the property. Talks with companies in the US is also going on.

One year ago, Finolex Industries was talking to Tishman Speyer India Ventures for land sale. The Finolex official had said in December that the modalities for the sale were decided and that Finolex was sure to sell the plot to Tishman Speyer India. But the developer took a very long time to take a firm stand and eventually the deal was called off.

A study to covert its fair weather port at Ratnagiri into an all weather port is also going on. Once the study is over, its arm, finolex Cables, plans to set up a mega power plant.

One Comment

  1. Posted May 12, 2008 at 12:36 am | Permalink

    I think so Pune will be the next upcoming IT sector level growing city.

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