TVS Emerald Acquires 12-Acre Plot With Rs 2,800-Crore Revenue Potential In Chennai
However, the company did not mention the value at which the land parcel was acquired.
TVS Emerald on Monday said that it acquired a 12-acre land parcel on the Thoraipakkam-Pallavaram radial road in Chennai.
According to the company, the land plot holds a development potential of 2.5 million square feet, while it estimated its revenue potential at Rs 2,800 crore.
However, the company did not mention the value at which the land parcel was acquired.
"This marks the third acquisition of land by TVS Emerald in FY25 and follows the acquisition of a 4-acre land parcel earlier this year in Padur, Chennai and a 4-acre parcel in Thanisandra, Bengaluru," TVS Emerald, a fully owned subsidiary of TVS Holdings, said in a statement.
Sriram Iyer, director and chief executive officer of TVS Emerald, said: "This landmark acquisition, reinforces our commitment to strategic growth and market leadership in Chennai and Bengaluru."
In another development, TVS Holdings' real estate arm has completed two other acquisitions also of Radial (Phase II) IT Park Pvt. and Radial (Phase III) IT Park Pvt.
As a result, both the entities have become wholly owned subsidiaries of TVS Emerald and consequently step-down subsidiaries of the company.
Last week, TVS Holdings had in an exchange filing said that TVS Emerald has entered into share purchase agreements with both companies. The TVS group’s realtor arm has bought the first company for Rs 234.3 crore, while the second one cost it Rs 342 crore.
The company had said at that time that it expects both these acquisitions to enable it "to gain access to new markets, increase market penetration and add new capabilities to its existing line of business, thereby maximising revenue opportunities".
Shares of TVS Holdings closed 1.8% lower at Rs 10,840.90 apiece on the BSE, compared to a 0.64% advance in the benchmark Sensex.
