India’s biggest biscuits and Bakery Company Britannia Industries at last have decided to unlock value at its rambling headquarters land in the city. Company HQ’s has been named as Britannia Gardens which is spread on 7 acres on the Old Airport Road leading towards Whitefield which is also the main technology centre in the east of Bangalore.
As per the realty developers claiming at the www.propertykhazana.com the lands near by Britannia is expected to cost Rs. 20 Crores per acre. Britannia is controlled by the Mumbai based Wadia Group and in the meantime, the company is not gazing to sell the lands, in return it will unlock value by whirling the property into a commercial and housing complex. If the land is unlocked then the land can be urbanized to gain to the extent of Rs. 800 Crores in value in the realty market. But still it has to decide on the plans and the realty player close to the management verifies the company’s conclusion to shift the company HO away from this land and starts functioning with a new address by the next year. Britannia was about to leave this land, but it had to take back its decision as markets went bearish in the year 2008.
According to the sources available to www.propertykhazana.com, Britannia Gardens in addition to the residential complex and the company head quarters will also accommodates for a few of higher executives at this abundant space. Company is forcefully gazing at cutting prices as increase and rigid rivalry from the National and Regional players who are taking a fee on working margins. Britannia was able to deliver good number of products in pervious year, but unfortunately after a drop down in net incomes in the couple of quarters it has been efficiently creaming away the prices. Meantime, as declared by the sources to the www.propertykhazana.com the debt of the company is more than Rs. 450 Crores with the gearing of 0.82 times and is spending in marketing to stay above the mess. During the last financial year it had reported of Rs. 4,200 Crores and placed a net income of Rs. 35 Crores on the revenues of Rs. 1,294 Crores at the end of Q2 of FY12.
Source: Times of India
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