Chennai: Shriram
properties ltd, a part of the $4.2-billion Shriram
group, On Tuesday said the company would be
setting up a 5-million sq.ft IT park in a special
economic zone in Chennai.
Speaking to
media persons, Mr.M.Murali, Managing Director,
Shriram Properties Ltd, said the company would be
setting up an IT park at the 57:9-acre Standard
Motors property. The project has received the
special economic zone status from the government,
he added. The company had acquired the Standard
Motors land for Rs.154.10 crores from the official
liquidator through the Madras high court order.
Meanwhile,
Shriram Properties has authorized MatexNet to sell
the Standard Motors” plant and machinery through
an e-auction, reverse auction, forward auction and
corporate exchange programme.
The Standard
Motors site contains more than 60 sheds and 1,000
pieces of machinery, which have been segregated
into lots and grouped to provide optimum value to
potential buyers.
To be held on September 27, the e-auction
will enable buyers from across the country to
participate in the real-time online transactions.
The e-auction, according to Mr.S.Jaganni vasan,
Managing director of Matex would increase
efficiency, transparency, reduce errors and make
the auction process faster
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