Binny to enter realty business with 75 acre land bank
The company recently signed an agreement with real estate firm SPR Group to develop an integrated township on a 63-acre parcel
Dec 08, 2014
Source : Business Standard


Chennai: Binny Limited, merging into itself and Distilleries, has set its focus on the and liquor markets, with 75 acres available for the latter.

The company recently signed an agreement with real estate firm SPR Group to develop an integrated township on a 63-acre parcel where the Binny Mills complex is situated in Perambur.

Binny, which had stopped its operations in textiles and other business earlier, has been an asset holding company. It has now decided to merge its alcoholic beverages business, Mohan Breweries and Distilleries, with itself.  It is planning to set up a facility in Kancheepuram with an investment of Rs 300 crore, to shift its existing operations within Chennai.

“Our focus will be on the real estate and liquor business. We have entered into a tie-up with SPR Group to develop a 63-acre land parcel out of 85 acres we have in Binny into a township. The rest of the land is in three parcels near to it which is still with us. Besides, we have a of 55 acres under Mohan Breweries and Distilleries,” said M Nandagopal, executive chairman, Binny Ltd.

He said the company will decide on the development of these land parcels at a later stage. Mohan Breweries has also sold 12 acres it owned to SPR Group, for around Rs 244 crore. “We are also shifting the liquor manufacturing facility from inside the city to Kancheepuram. The existing facility is within the city, and there is no space for anything. The labourers also have to travel long hours to come to the factory and back to their home,” said Nandagopal.

He said that the process of setting up the facility would start soon and it would take 18-24 months to complete the project. The capacity of the plant will remain the same. At present, the company has the capacity to manufacture 10 million cases of beer and 7.5 million cases of IMFL. It currently holds around 12-15% of the IMFL market and around 20% of the beer market in Tamil Nadu.
When asked whether the company would look at development of real estate projects on its own in the land bank, he said the company will take a call depending on the situation.
The company informed the exchanges on Monday that its Board of Directors were apprised of its deal with SPR Group. 
The Board has also accorded in-principal approval for the merger of Mohan Breweries and Distilleries along with its subsidiary Arthos Breweries with Binny and directed the company to submit the scheme of merger for final approval.

Latest Realty News

Plea in HC against diversion of community land in Ghaziabad
Dec 08, 2014
GHAZIABAD: A public interest litigation (PIL) has been filed in the Allahabad High Court by a Ghaziabad residents' body seeking a ban on diversion of land reserved for community facilities
Independent floors: 4 builders get notice, more to follow
Dec 08, 2014
GURGAON: Following an order from the department of town and country planning (DTCP), the district town planner (enforcement)has issued notices to four builders
Survey finds 14,000 acres govt land in capital region
Dec 08, 2014
VIJAYAWADA: As much as 52,000 acres of farm land available, reveals a survey by Andhra Pradesh Govt, where it plans to build its new capital city
High Court directive to DLF to demolish some portions of complex
Dec 08, 2014
Kochi: In a blow to real estate major DLF, the Kerala High Court directed it to demolish certain portions of its apartment complex
Civic staff stay on in unsafe buildings
Dec 08, 2014
Bhubaneswar: The municipal corporation talks of cracking the whip on unsafe buildings but it has failed to convince its own employees to vacate three such dilapidated structures at Mulapadia colony in Old Town
Sahara to sell Mumbai, Jodhpur land parcels for Rs 1,251 crore
Dec 08, 2014
NEW DELHI: After selling land in Gurgaon for Rs 1,211 crore recently, Sahara group is believed to have finalised two more land parcels deals - one in Mumbai and another in Jodhpur - for over Rs 1,250 crore
Ashiana Housing to invest Rs 750 crore on new projects
Dec 08, 2014
NEW DELHI: Realty firm Ashiana Housing today said it will invest about Rs 750 crore in the next 3-4 years to develop four new housing projects in Haryana and Rajasthan
First of its kind degree in realty management
Dec 08, 2014
Mumbai: The RJ College of Art, Science and Commerce in Ghatkopar has become the first college in the country to offer a degree course in real estate management
NCR flat-buyers push for realty bill this session
Dec 08, 2014
NOIDA: Around 200 flat buyers of Noida, Gurgaon, Faridabad and Ghaziabad staged demonstrations at Jantar Mantar in New Delhi
UP to launch affordable housing scheme; 3 lakh houses by 2016
Dec 08, 2014
Lucknow: With an aim to provide affordable housing to medium income group in the state, Uttar Pradesh government on Saturday announced to launch 'Samajwadi Awas Yojna'

Latest Realty News Of State

Realty Talk's