86 acres bought by Polyhose near Chennai
The country’s largest manufacturer of hydraulic, industrial and automotive hoses, Polyhose India has gained 86 acre land parcel which earlier belonged to Presidency Kids Leather, nearby Chennai.
Under the SARFAESI Act the land was acquired through an auction conducted by Syndicate Bank. The deal size is said to be close to Rs 100 crore, including stamp duty, and the transaction was facilitated by Citi Bank, a person privy to the development, on condition of anonymity said. According to the person, Presidency Kids Leather, a two-decade old leather processing company in Chennai, pledged the 86.5 acre land parcel with Syndicate Bank. The land is located at Kannivakkam village, near Guduvanchery and offers access to the fast developing Vandalur — Kelambakkam road as well as the GST Road.
In future Polyhose is likely to use this land to shift the group’s various manufacturing facilities in multi-locations around Chennai to this site. Y J Shabbir, managing director, Polyhose India could not be reached for his comments.
Besides an overseas facility in Switzerland, the company has manufacturing facilities in five different locations in Chennai and one in Pune. A group company, Polyhose India Rubber Pvt Ltd is a joint venture with Caterpillar Inc, USA.
Source: Financial Chronicle
Chennai, Citi Bank, GST Road, Guduvanchery, Hydraulic, Industrial and automotive hoses, Kannivakkam village, Kelambakkam, Polyhose India, Polyhose India Rubber Pvt Ltd, Presidency Kids Leather, Pune, SARFAESI Act, Stamp duty, Syndicate Bank, USA, Vandalur, Y J Shabbir
