Infrastructure major Larsen and Toubro has put its industrial plot, along with factory building including infrastructure in Nashik, Maharashtra on the block, for a minimum bid of ₹18 crore to ₹25 crore.
The plot spread over 15,426 square metres in Ambad, MIDC in Nashik, has a built up area of 3,566 square metres, and functioned as a switchgear factory. Since the factory has been shifted, it has rendered the plot redundant.
According to local brokers, the current market rate of the area around MIDC is about ₹12,000 per square metre, valuing the plot at around ₹18.5 crore.
The infrastructure company would be opening the sealed bids by July 12, to shortlist the buyers, officials informed. Last month, the company also sold its stake in the Dhamra Port, to raise capital to the tune of ₹5,500 crore.
According to infrastructure analysts, the move is in line with the company’s renewed focus on concentrating on its core business and doing away with non-synergy businesses.
Deven Choksey, Managing Director, K.R. Choksey Shares and Securities said: “L&T has grown into a big conglomerate and is looking to either sell or divest stake in its non-synergy companies, and spin off its synergy assets into separate companies, so as to avoid inefficiencies from creeping in. It has already spun off its finance business and is now looking at its infotech business as well.”