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News & Views on Indian Real Estate

Thursday, June 26, 2008

Britannia likely to sell Bangalore HQ

Britannia Industries, a food company, is likely to sell its corporate headquarters located in Bangalore, revealed The Economic Times. It is understood that the firm has already asked real estate consultants to quietly look up for potential buyers. The Nusli Wadia-led company may shift office to Mumbai where the Wadia Group is based. Britannia's joint venture partner Groupe Danone is expected to exit from the partnership. It was on a condition placed by Danone that the Wadia Group had to locate Britannia headquarters in a city away from its home turf, Mumbai. When Danone will cease to be a partner, the company may have no compelling reason to continue with a head office in Bangalore. However, according to sources, if the property is disposed off, the company might take for lease new property in Bangalore or move to Mumbai. Denying any plans to sell the headquarters in Bangalore, Vinita Bali, managing director of Britannia, said: "We have not even thought about it, and there is no point in even asking me this question." The newspaper further added that in order to generate funds, the group may be selling properties. The money thus received is likely to be invested in purchasing Danone's stake in Britannia and also put into the group's aviation business, GoAir.

Anonymous said...

What would be the implications of this divorce?

Anonymous said...

But what will not be the effect on production the shifting process slightly effect on the work effeicieny but the still process is same.

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