Greaves Cotton of Thapar group has sold its four-acre prime land at Thoraipakkam here to Radiance Realty Developers India Ltd (formerly NAPC Properties Limited). This is among the big-ticket realty deals concluded in the recent past in the Chennai market.
The transaction is reported to have cost Radiance a tidy Rs.80 crore.
Radiance Realty is promoted by Varun Manian. The Manian family exited the infrastructure business by selling its stake in infrastructure arm NAPC to Vinci of France, one of the largest construction conglomerates in the world. Since then, Mr. Manian has gone on to train his focus on new initiatives of the family such as real estate and renewable energy.
The property, it may be recalled, had come under the fold of Greaves Cotton in 1994 when it acquired the engine and infrastructure equipment business of erstwhile Enfield India, which later became Royal Enfield after its new owners, Delhi-based Eicher group, began focusing on the two-wheeler business.
Sources said Radiance funded the land buy entirely through internal accruals.
“We are developing more than a million sq. ft. of high-end residential properties across prime residential areas in the city and Old Mahabalipuram Road,” a top company official said. The company could develop the acquired site into a marquee high-rise ultra-luxury residential complex, it is learnt.