In a bid to launch new products and expand globally, the Wadias are planning to sell the prime property of Britannia Garden estate in Bangalore to raise close to Rs 700 crore, said Business Standard.
Britannia has planned to move its headquarters to a 90,000 sq ft commercial property in Whitefield from its six acres headquarters in the garden city, said the media report. Moreover, the report stated that due to economic slowdown, the company is unable to find suitable buyer for the deal.
Besides, the company's margins have been declined from 12.3 per cent in FY 2005 to just 5.3 per cent in FY 2012 before improving to 5.8 per cent in FY13, added the media report. Thus, a real estate sale will help it to generate funds to launch new products and enter new markets especially in the international markets.
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