Kesoram Industries has decided to put a 20-acre plot on B.T. Road on the block, potentially unlocking value for the shareholders. The land in Khardah, on the northern fringe of Calcutta, belonged to Kesoram’s Hindustan Heavy Chemicals division. Closed for years under suspension of work, there are no workmen left in the unit anymore.

In a meeting on Monday, the company’s board set the ball rolling to dispose of the property comprising its HHC unit and proposed a special resolution for the same.

The resolution is required as the value of the property is considered to be more than 20 per cent of the net worth of Kesoram Industries. The consolidated net worth of the company stood at Rs 454.1 crore at the end of December.

Industry observers expect real estate developers to be keen to take over the land which is leased to the state government. B.T. Road has turned out to be a real estate hotspot with improved road connectivity with Calcutta and extension of the northsouth metro rail route to Dakhineshwar.

Conversion of the factory land for the housing purpose, will, however, require consent from the administration.

While announcing results of the third quarter, the Basant Kumar Birla group flagship took a non-cash hit of Rs 173.07 crore on account of possible disposition of the property following the Indian accounting standard.

“The management is contemplating a possible disposition of the property at its Hindustan Heavy Chemicals unit that has been under suspension of work. Its value has been re-measured and aligned to its realisable value. The loss on such re-measurement has been recognised in the current quarter and disclosed as an exceptional item in the standalone and consolidated statement of profit and loss,” a note to the result read.