Best & Crompton Sold Property for Rs. 148 Crore - India News and Events of India
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Best & Crompton Sold Property for Rs. 148 Crore
The 14.5 acre Ambattur property of Best & Crompton has been sold to the Chairman of Sterling Infotech Group, Mr. C. Sivasankaran. This property is located in Chennai. According to industry sources the deal has been finalized for Rs. 148.50 crores. The paper work is, however, still on. Top industrial companies had submitted their bid but it was Mr. C. Sivasankaran who had the last laugh. However both the companies refused to comment on this.

It was Mr. Sivasankaran who had acquired a stake of 15% in Best & Crompton and obtained the major residential property on Cenotaph Road, which, in turn, is located centrally in Chennai. A plush apartment has been planned with a Chennai based builder. Best & Crompton had planned to put up an information technology park at Ambattur. This plan was announced last year. The plan could never fructify as the company decided to concentrate on engineering, its core area, and other diversification plans.

Currently Ambattur in Chennai has evolved as an IT park and the top companies in the IT sector are fast replacing the manufacturing units. According to sources, Mr. Sivasankaran is expected to flow with the trend and set up an IT park here.
Posted On : 13 Feb 08
Best & Crompton Sold Property for Rs. 148 Crore
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