In a mega land deal that has stirred the Chennai real estate market, Eveready Industries India Limited, the noted manufacturer of dry cell batteries, has sold off a land parcel in Chennai to Alwarpet Properties Private Limited which is part of the reputed Olympia Group in the city. The deal has been struck for a whopping Rs. 100 crore as per reports. The land will be used to develop an entertainment cum retail project as far as the plans of the Olympia Group are concerned. Eveready Industries Limited had previously sold some land holdings to the Group as well.
The agreement for sale was implemented on the 5th of December, 2018 and should be wrapped up in 4-10 months based on tangible landmarks. The proceeds of this sale will be used by Eveready Industries to cut debt of Rs. 300 crore as per its managing director Amritanshu Khaitan. The land spans 10 acres and is located on the Tiruvottiyur Road. This deal should give an impetus to real estate development in surrounding areas and the region as a whole. The battery unit on the land was shut in 2017 on account of higher costs and economic non-feasibility. A new unit has been planned near Guwahati by the company.
The Olympia Group had commenced its real estate business partnering with Eveready Industries Limited by developing the company’s land situated at Guindy in Chennai which was the site of the Olympia Tech Park. However, Eveready Industries Limited came out of the partnership later on as per reports. The plot will be made into a major entertainment and retail hub of the city, something that will give a major boost to real estate development in the vicinity. Some of the Group’s projects include Olympia Panache, Olympia Opaline and Olympia Grande.
