Finolex Industries Plans to Offload SEZ Plot near Pune
Finolex Industries, a leading manufacturer of PVC pipes and fittings with a market value of ₹950 crore, is on the verge of signing a deal to sell its Special Economic Zone (SEZ) plot located in Chinchwad, near Pune.
Details of the Land Sale
- Plot Size: 78 acres
- Expected Sale Value: ₹400 crore
- Buyer: A US-based developer (identity not disclosed)
- Status: Finalizing deal details, with talks also ongoing with other US-based companies
Background on the SEZ Plot
Finolex Industries had been considering two primary options for the plot:
- Development as an IT SEZ: Utilizing the land to establish an Information Technology Special Economic Zone.
- Complete Disposal: Selling off the plot to unlock its value.
Previous Deal Attempt
- Previous Buyer: Tishman Speyer India Ventures
- Outcome: The deal was called off after the developer failed to take a firm stand, despite modalities being decided as of December last year.
Additional Ventures
- Ratnagiri Port Development: A study is underway to convert Finolex's fair weather port into an all-weather port.
- Future Plans for Finolex Cables: Upon completion of the port development study, plans are set to establish a mega power plant under the finolex Cables arm.