Iscon close to buying Inductotherm land

AHMEDABAD: City-based Iscon Group is close to acquiring 1.2 lakh square yard land in Bopal where Inductotherm India has its manufacturing facility. The deal has reportedly been struck for close to Rs 400 crore at more than Rs 30,000 per square yard.
Inductotherm India, which operates an induction melting, heating and welding equipment manufacturing plant on the plot, has plans to shift the unit to Sanand.
Sources close to the development said that Iscon group was interested in the land parcel ever since it launched a hi-end apartment scheme near the Inductotherm plant on SP Ring Road.
Iscon group officials confirmed their interest in the land, but denied having struck a deal. “We had earlier acquired land from Inductotherm on SP Ring Road near Bopal where we launched a 500 unit high-end residential towers. The project was a hit and we are now looking at further land acquisition, including the Inductotherm plant,” said an Iscon Group promoter.
Jagat Shah, managing director, Inductotherm (India) refused to comment. According to sources, the groups are also discussing ways of joint development. Sources said the rumours that government might increase floor space index (FSI) for certain zones in Ahmedabad has held up announcement of the deal which may be finalised once the inauspicious period ‘kamurta’ ends after Uttarayan.
This may be one of the several deals in the pipeline, now that chief minister Narendra Modi has been elected for the third time. The victory has given a shot in the arm to the developers who are anticipating that the sluggish realty market would now firm up.