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Press Release

 Published : 20 September, 2006

Shriram Properties To Set Up IT Park

Chennai: Shriram properties ltd, a part of the $4.2-billion Shriram group, On Tuesday said the company would be setting up a 5-million sq.ft IT park in a special economic zone in Chennai.

        Speaking to media persons, Mr.M.Murali, Managing Director, Shriram Properties Ltd, said the company would be setting up an IT park at the 57:9-acre Standard Motors property.  The project has received the special economic zone status from the government, he added.  The company had acquired the Standard Motors land for Rs.154.10 crores from the official liquidator through the Madras high court order.

        Meanwhile, Shriram Properties has authorized MatexNet to sell the Standard Motors” plant and machinery through an e-auction, reverse auction, forward auction and corporate exchange programme.

        The Standard Motors site contains more than 60 sheds and 1,000 pieces of machinery, which have been segregated into lots and grouped to provide optimum value to potential buyers.

To be held on September 27, the e-auction will enable buyers from across the country to participate in the real-time online transactions.  The e-auction, according to Mr.S.Jaganni vasan, Managing  director of Matex would increase efficiency, transparency, reduce errors and make the auction process faster.