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R. Balaji

The area for development is expected to be Binny's properties of about 1,260 grounds at Ashwell Maidan, Joint School Compound and B&C Gardens

CHENNAI, March 13

BINNY Ltd is in discussions with real estate developers Mangaltirth and Tarapore Constructions to develop a self-contained township in Perambur, in the northern part of the city, according to reliable sources.

The proposal is a part of the rehabilitation package of the company sanctioned by the Board for Industrial and Financial Reconstruction (BIFR), and the joint venture proposal would be subject to approval by the BIFR, said the sources.

While the details of the project are yet to be finalised, the area for development is expected to be Binny's properties of about 1,260 grounds at Ashwell Maidan, Joint School Compound and B&C Gardens, which the company had earlier put up for sale to fund its revival package. However, suitable buyers could not be identified, and the company decided to develop the property. The joint venture partners are likely to promote a separate company for the project, said sources.

Meanwhile, the payments to workers under the voluntary retirement scheme were issued last month through post-dated cheques amounting to Rs 20.93 crore to 2,896 workers. The cheques were in the process of being cleared, and the funds had been provided, the sources said.

It may be recalled that the revival package was sanctioned on October 31. This had been followed with a final hearing and the package was finally sanctioned on December 13.

This paved the way for the company to commence its other projects, apart from the Rs 67.75-crore VRS payments to workers. Its other projects under the rehabilitation scheme include the container freight station and a new textile mill, they said.

According to the sources, the container freight station is likely to be completed by mid-May, and the civil work has commenced. It envisages a capacity to handle 5,000 TEUs per month. The total area will be 25 acres with thee lakh square feet of warehouse space and two lakh square feet of pave open yards. The Container Freight Division under Binny Shipping will operate the freight station, they said

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