Blue Star’ Plot in Thane

Land Deal: Oberoi Realty in Talks to Buy Blue Star’ Plot in Thane

News Thane

The realtor Oberoi Realty is planning to acquire land in thane and according to the sources, the company is in talks with Blue Star India. This firm is a brand name in making air-conditioning and commercial refrigeration. The land deal is likely to be closed for a 9-acre land parcel in the city next to Mumbai.

Located on the Pokhran road 2 in Thane this locale is next to the GlaxoSmithKline Pharmaceuticals’ who own 60-acre land parcel. The Oberoi realty bought this piece of land parcel last year at a cost of Rs 555 crore. The realtor is planning to merge both these plots.

A source was quoted saying, the deal will be finalized soon and the plot is likely to cost between Rs 120 crore and Rs 150 crore while assessing the benchmarks set in the areas on the basis of recent transaction.

The Blue Star India declared this as a non-viable project in the year 2015 and also announced a voluntary retirement scheme (VRS) for its workmen at the Thane plant. The reason for calling this plant non-viable was high-cost of manufacturing, including local body tax (LBT), leading to incurring losses for the four years before that. On 10th August 2015, the plant was finally closed.

B Thiagarajan , Blue Star joint managing director said that the company has invited bids for this land parcel and is in talks with the interest companies but the final decision is yet to be taken. He also said that apart from the Oberoi Realty the company is in talks with three other parties.

The money earned out of this deal will be used for the expansion of Blue Star India with the inclusion of manufacturing facilities, research & development and digital enterprise initiatives.