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Monday, May 02, 2005

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Unitech may buy 90-acre land from Gordon Woodroffe

M. Ramesh

Chennai , May 1

IN a transaction that would be valued at not less than Rs 100 crore, Delhi-based Unitech Ltd is likely to purchase around 90 acres of land in Chennai from Gordon Woodroffe Ltd of the Jumbo group.

The land under consideration is at Pallavaram in Chennai city, where a leather unit of Gordon Woodroffe Ltd was once present.

The value of this land is understood to be at least Rs 1 crore an acre, but people in the know say that land as large a tract as 90 acres sold in one lot would be valued much higher — perhaps even as high as Rs 150 crore.

Recently, a 43-acre land at Sivaji Gardens in Chennai was sold to the Delhi-based DLF group for Rs 150 crore.

While none of the officials of Gordon Woodroffe could be contacted, Col. Prakash, Executive Director, Unitech, told Business Line that the transaction was not yet finalised and could perhaps take a month more.

Unitech Ltd is one of the country's big construction companies, with a turnover of Rs 390 crore in the first nine months of the current year. Sources in the construction industry said the company intended to put up a software park on the Pallavaram land, if the deal materialised.

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