In 2012, Hindustan Unilever Ltd divested realty assets worth Rs.672 Cr. The company further plans to earn Rs.300 Cr from divesting realty properties by the end of June.
MUMBAI: Hindustan Unilever Ltd is the largest consumer goods firm in India. It produces around three dozens of consumer goods like Bru coffee, Knorr soups, Lipton tea, Lux and many others.
Real estate has never been their core business. However it has fetched them nearly Rs.672 Cr of profit, a value which is higher than all their other profits. Interestingly it is more than the profit of DLF from their real estate business.
During the same period, DLF has earned Rs.596.35 Cr in the form of net profit. The figure shows the net profit of DLF while the consumer producer’s it is the amount which is collected through selling their realty assets.
Though these figures are incomparable, they are mentioned only to make a sense of amount the consumer producer has earned from selling its realty assets.
Hindustan Unilever Ltd is now looking to collect over Rs.300 Cr through divesting its realty properties. The Anglo-Dutch MNC will sell off 55 ultra-luxury apartments.
Most of these apartments located in south Mumbai’s posh areas like Altamount Road, Colaba, Cuffe Parade, Malabar Hill, and Nepean Sea Road. There are apartments in the western suburb of Bandra as well.
Speaking about the monetization policy, HUL spokesman said that the deal will be completed by end of June this year. He added that it is part of their business strategy to unlock business value from idle assets. However he declined to comment on the monetization of realty assets.
HUL’s move to sell out 55 apartments at one go has surprised many. However the property experts predict good response for these apartments. They point out the strategic and posh locations where the supply is low now.