After divesting realty assets worth Rs.672 Cr in 20125, the largest consumer goods firm Hindustan Unilever Ltd plans to divest its residential assets.
In the year 2012, Hindustan Unilever Ltd has earned around Rs.672 Cr by divesting its realty assets. This year too, the largest consumer goods producing firm plans to earn Rs.300 Cr by monetizing its idle properties.
Hindustan Unilever Ltd is the producing firm of over three dozens of consumer goods. They produce well-known brands like Bru, Knorr, Lipton, Lux and many others. Probably it would be impossible to think of running a shop without selling any of their products. People do raise higher demand for their branded products.
Though real estate is not their core business, it has fetched them nearly Rs.672 Cr of profit. This value is higher than the net profit of DLF, the largest real estate major.
The consumer goods firm now plans to sell nearly 55 ultra-luxury apartments to earn Rs.300 Cr more. Though they say it as their strategy to produce income from the idle properties, it has really raised the eyebrows of many experts.
Their apartments are in Kolkata and Mumbai. Along with the divestment of these apartments, the firm plans to divest its land parcel located in Hyderabad.
As most of these ultra-luxury apartments are in Altamount Road, Colaba, Cuffe Parade, Malabar Hill, and Nepean Sea Road; some of the most posh areas in South Mumbai, they are believed to gain good response. Hindustan Unilever Ltd has apartments in Bandra too.
When asked about the monetization policy, spokesman of HUL informed that by June- 2013 the deal will be completed. He, adding to it, said that it is only part of their business to convert idle assets to income-generating.
Though the company’s plan has surprised many, the experts predict good response for their apartments. These apartments will fetch good amount as they all are located in posh areas.
