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Bengaluru: IT services firm Infosys has clarified that it did not sell any land allotted to it by the government at market rates. In a statement, the company has stated that the land that has been divested was purchased as non-commercial and non-industrial land, at market value, and not allotted by the government.
Last week, a media report had claimed that Infosys sold a 53.5-acre land parcel near Bengaluru to real estate developer Puravankara Ltd for an estimated Rs 250 crore.
“As part of Infosys’ asset divestment program, a land parcel located in Attibele, Bengaluru, was identified for divestment and to optimize asset utilisation. The sale was executed in adherence with Infosys’ policies, external approvals and compliance with regulatory requirements,” the IT company said in a statement.
Further, it said the land under question was not allotted to it by the government, and that it had acquired it in the open market.
In a regulatory filing, Puravankara stated that the acquisition of this land will strengthen its presence in one of the city’s emerging residential growth corridors. This land parcel has a potential to generate gross development value of Rs 4,800 crore, it said.