Modi Rubber to sell prime office space in Bangalore

Tag : rubber tubes

The 4,588 square feet of office space is on the block on thedirectives of the Asset Sale Committee of BIFR. The company'soffice is located on the 10th floor at Barton Centre and comes withsix car and 12 two-wheeler parking spaces.
Modi Rubber was manufacturing and selling automobile tyres, tubesand flaps until its operations were suspended in August 2001 due toa family feud. It was subsequently declared sick by the BIFR in2006. The asset sale is to facilitate its rehabilitation andrevival.
To dispose of the property through auction, BIFR has roped ininternational property consultants, CB Richard Ellis. According topeople in the real estate business, the property, which is governedby a lease that has a remaining 30-year life, " fetch between Rs7,000 per sq ft to Rs 8,000 per sq ft."
In May 2008, Modi Rubber had informed the stock exchanges that thecompany had been declared a sick industrial undertaking. With theefforts of State Bank of India, the operating agency, a draftrehabilitation scheme was submitted to BIFR which, after prolongedhearings and proceedings, approved it.