Onida looks to monetise realty assets for revival
Kolkata: Onida Electronics, maker of once-iconic Onida television brand, plans to monetise its real estate portfolio to raise funds, with part of proceeds earmarked for reviving the brand as it takes on deep-pocketed rivals such as LG, Samsung, Haier and Hisense in India’s fiercely competitive consumer electronics market.
Newly appointed managing director and chief executive Gunjan Srivastava said the company is evaluating the monetisation of three land parcels: its 2,143 sq m headquarters, Onida House, in Mumbai’s Andheri; its 60-acre manufacturing facility at Wada, which is being shut down; and a five-acre parcel at Lote in Ratnagiri.
