HMT to sell portion of factory land

HMT Limited, the public sector engineering firm, is planning to unlock real estate by selling a portion of its surplus land in Bangalore.

The land, located in Jalahalli measures about 10 acres in four plots, ranging from 1 acre to 5.58 acre. The building put up for sale is the 'Officers Club' situated in the complex with a built up area of about 2,700 sq feet, constructed on 2.98 acres of land.

The land put up for sale is located on the Ring Road between NH-4 (Bangalore-Pune) and NH-7 (Bangalore-Hyderabad) in Peenya Industrial Estate.

According to market souces, demand for land in the area is mainly for industrial use with a price tag of Rs 600 per sq feet and an acre of land costs around Rs 2.60 crore.

A senior company official said, the central government has given permission to HMT to sell surplus land to fund its technology upgradation programme.

The company incorporated in 1953 by the central government as a machine tool manufacturer has over the years diversified into watches, tractors, printing machinery, metal forming presses, die casting and plastic processing machinery, CNC systems and bearings.

Today, HMT comprises six subsidiaries under its holding company, which also manages the tractors business directly.