South's cement major India Cements Ltd. or ICL said it had acquired the ICICI Bank-owned large commercial space in Santhome High Road in the Chennai Metro in a big ticket realty deal. This deal came at a time when investor and developer enquiries for properties and vacant lands have started going up, media reports say.
While both sides are tight-lipped on the deal, sources close to the transaction say ICL has struck the deal for Rs.63 crore.
ICICI Bank, as part of consolidation of its office space in the metro and suburbs, had put up for sale 9-ground (21,665 sq ft) prime property with a built-up space of 83,772 sq ft on the busy Santhome High Road (Marina Beach Road). Recently, the bank moved its operations in the building to Ambattur in suburban north Chennai. The building consists of fully- furnished ground plus 10 floors with full power back-up and ample car parking space. After making some modifications, ICL plans to use the building to have its first owned corporate headquarters in the metro. It, will, however, retain a portion of the current rented space in Dhun Building on Anna Salai.
ICL, commanding a turnover of Rs.3,600 crore, has diverse business interests spanning cement, sugar, shipping, power, trading and finance. It is said to have accepted the offer from the bank in line with its rapid expansion programme and to have all its divisions under one roof.
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