Satyam has 450 acres of land valued at Rs 1,700 crore

MUMBAI: Scam-hit Satyam Computer on Monday said it owns 450 acres of land, half of which is on freehold, valued at Rs 1,700 crore.

"The company has 450 acres of land, 50 per cent of which is on freehold and the remaining is on leasehold. Out of the 50 per cent, in Hyderabad itself they have 125 acres encompassing two campuses in the Hi-Tech City and Satyam Technology Centre. These have been valued at Rs 1,700 crores," Chairman of the government-nominated board of Satyam Kiran Karnik said after announcing the name of highest bidder for acquiring a 31 per cent stake in the company.

We have done three valuations by three different valuers before the biding process started and for the combined value of both freehold and the leasehold land is between Rs 1,500-Rs 2,000 crore. So, that is how the Rs 1,700-crore was arrived at, he added.



It is against the Rs 17,00-crore that the company has taken Rs 600 crore loan from the two public sector banks.

However, he said that the new owner cannot sell the physical assets of the company piecemeal.

"They (Tech Mahindra) are at liberty to bring in any other investor after the deal is done. But the thing is that they cannot sell the physical assets piecemeal. But they can bring in another partner in the SPV," he added.