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.

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