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RPG plans to develop idle property

Special Correspondent

KOLKATA: The Rs. 9,000 crore-RPG group has announced its plans to `unlock the value of its under-performing and non-performing assets' and utilise them better.

Stating this group Vice-Chairman, Sanjiv Goenka, said by April, an internal study of the value of such assets across group companies would be ready. "We are now preparing a register of properties that can be unlocked," he said while briefing reporters prior to the launch of the first such venture — construction of a mall-cum-multiplex on three acres owned by power utility company, CESC, in the heart of the city.The West Bengal Chief Minister, Buddhadeb Bhattacharjee, later laid the foundation for this project along with two other RPG projects entailing an investment of about Rs. 1,200 crore.

30-acre township

The group, which has interests in power generation, transmission, entertainment, retail, tyres and carbon black manufacturing has just received the state government's nod for building a 30-acre township on a 43-acre plot that once housed its 100-year-old Mulajore Power Plant which had to be closed down on pollution control grounds. The project would include a five-acre industrial park and a store for CESC in the remaining area.

Mr. Goenka said the family had considerable property in Chennai under the Spencer umbrella which could be utilised alongside idle properties in Mumbai and Delhi.

Pirojsha Godrej, who had come along with Godrej Properties Ltd. (GPL) director, Parameswar Godrej, on this occasion, said while GPL had been looking at projects in Hyderabad and Chennai, it had been wanting to enter West Bengal which was now an attractive destination. Besides the strategic alliance with RPG group, it has struck deals with two IT-enabled services companies for promoting 3.3 million sq. ft. in Salt Lake on a revenue sharing basis. This would entail a total investment of Rs. 180 crore while the CESC-Godrej Plaza would cost about Rs. 150 crore, he said.

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