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Best & Crompton to set up 2 million
sq. ft. park
The Economic Times, February 01, 2007
Best & Crompton Engg. Limited plans
to develop a large IT park on about two million sq. ft.
at Ambattur in North Chennai making use of its industrial
land in the estate there.
The
company also plans to establish a garment factory near Chennai.
The company informed stock exchange on Thursday that it got the
board approval for setting up the facilities through special
purpose vehicles. The garment facility is planned at Arakonam
in the factory recently acquired by the company.
Company
sources said it would relocate the existing operations
at Ambattur estate to its nearby factory and make use of
the released land for developing the IT park. Ambattur already
has a number of IT and BPO players and more IT infrastructure
is being built there. As per sources, B & C is entering the
new lines of business in India as part of the gameplan of
its main promoter group, Polysindo group of Indonesia to
curtail its loss making operations in the country. Over
the years, the group had built its expertise in textile
and steel making. It is said B &C has also secured an in
principle approval for promoting a textile SEZ at Hosur.
It also has plans to setup a steel making facility in southern
Tamil Nadu and a machine tool facility at Sriperambadur.
It has signed a knowhow contract with STAI Prefabricate
of Italy for making reinforced concrete products. After
B & C turned sick and UB group exited in the early ninties,
it was acquired by Polysindo group through BIFR. The group's
major stake is held through a holding company in Hong Kong
belonging to the promoter family.
Laster year, the group allowed NRI C Sivasankaran of Sterling
Infotech group to pick up 14.95% stake in B & C through
the issue of new shares on a preferential basis. Sterling
has teamed up with the reality firm, True Value Homes for
promoting a luxury apartment on the prime property belonging
to B & C in the city.
