GetPaidIndia.com

News about GTC Industries Limited

November 20th, 2007

The media had reports that GTC Industries Ltd may demerge its real assets valued at Rs.1, 500 - 2,000 crs, spread across Mumbai, Baroda and Hyderabad into a separate Company.

The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.

GTC Industries Ltd has vide its letter inter-alia stated, “It is true that the Company has properties at Mumbai, Vadodara and Hyderabad. It is also true that the Company is planning to explore the possibility of doing real estate development in which context we have already signed a Development Agreement for our Hyderabad property. There are various options before the company to go into the real estate business which are being examined by the management. Since these are at the planning stage no time frame can be committed and we are also not sure of any valuation.”

Entry Filed under: Equity Markets, NSE