GTC to invest Rs 20 cr for property development

New Delhi, Dec 17: Tobacco major GTC Industries Ltd today said its board has approved investment of Rs 20 crores for joint development of about 1,80,000 sq ft in Delhi.

The Rs 1,300 crore company will get 60 per cent of the built up area of the project at Bijwasan on Najafgarh road in the national capital.

The project includes construction of residential, office, commercial and shopping area, a company statement said.

Earlier the media had reports that the company may demerge its real assets valued at Rs 1,500-2,000 crores into a separate company GTC, formerly known as Golden Tobacco Company Ltd, has properties in cities like Hyderabad, Mumbai and Baroda and plans to develop through joint ventures with local developers.

The company has tied-up with a local developer in Hyderabad to develop a commercial-cum-retail project on a 2.75 acre plot in Kukatpally in the city at an estimated Rs 200 crore, of which GTC would hold 50 per cent stake.

While the company has 42 acres of land near the airport in Baroda, in Mumbai it has 7.5 acres in Vile Parle and 4.5 acres in Marol.

Its other properties are in Raigadh as well as at many places across Andhra Pradesh. Group subsidiaries also have properties in Chennai and Dwarka in Delhi.

UNI