Tata group’s realty firm Tata Housing Development Co Ltd is acquiring land in Bangalore from power transmission company Alstom T&D India for Rs 120 crore ($19.4 million) to develop its second luxury project in the southern city.
“Tata Housing entered into an agreement with Alstom T&D India to buy its manufacturing unit spread across 20 acres in Bangalore for Rs 120 crore,” Tata Housing said in a statement.
The acquisition of the land is expected to be completed in three months or earlier, it added.
Tata Housing had launched its first luxury project in Bangalore, named The Promont, in 2011. US-based Portman Holdings reportedly invested around Rs 65 crore in this project for a minority stake in November last year.
Currently, Tata Housing has its footprint in Mumbai, Lonavala, Talegaon, Pune, Ahmedabad, Goa, Gurgaon, Chandigarh, Bangalore, Chennai, Kolkata and Bhubaneswar. Besides, it is also looking to augment its presence in tier I and II cities.
Last week, Alstom T&D India, an arm of French conglomerate Alstom, had said it is selling its property in Bangalore to an unnamed large Indian business group for Rs 120 crore. This unit was previously used for manufacturing instrument transformers.
(Edited by Joby Puthuparampil Johnson)