Chennai-based VGN Developers is to acquire the 10-acre property in Guindy of Chennai belonging to HTL for a little over Rs 270 crore. Sources said the deal is in the final stages. International property consultant Jones Lang LaSalle mediated the deal. The property in Guindy, a prime area with commercial and residential development in south Chennai has been on the block for over six years now.
In March 2007, HTL was on the verge of selling 11 acres to the Bangalore-based RMZ for Rs 328 crore. But the deal fell through when the State Government objected on legal grounds. It had originally allotted the land to Hindustan Teleprinters, a Central Government enterprise, in 1973.
HTL is a part of Himachal Futuristic Communications which acquired a 76 per cent stake in 2001 in the public sector enterprise. The issue over the land sale was taken to court. According to HTL sources, at that time, the company’s right to sell the property was upheld in the High Court and Supreme Court.