KOLKATA: Onida Electronics, known for its once-iconic television brand, is planning to monetize its real estate assets to generate funds, with some proceeds intended for revitalizing the brand as it competes against well-funded rivals like LG, Samsung, Haier, and Hisense in the highly competitive Indian consumer electronics market.
Gunjan Srivastava, the newly appointed managing director and CEO, stated that the company is considering monetizing three land parcels: its 2,143 sq m headquarters, Onida House, in Mumbai’s Andheri; a 60-acre manufacturing facility at Wada, which is being closed; and a five-acre site at Lote in Ratnagiri.
The assets may be sold outright or redeveloped independently or through partnerships, with a decision anticipated by the end of the calendar year. Options being considered include transforming the Andheri property into an office or IT complex, while the Wada site might be adapted into a logistics hub due to its strategic location.
“The Wada factory previously handled contract manufacturing of televisions. We are exiting this business as we couldn’t achieve the necessary scale, which distracted us from our core focus,” said Srivastava.
Onida will continue manufacturing washing machines at its Roorkee plant, while television production will be outsourced to contract manufacturers.
This decision positions Onida among a growing number of Indian companies unlocking value from legacy real estate. For example, Parle Products is redeveloping its historic factory in Mumbai’s Vile Parle into a commercial complex, a project valued at over ₹3,900 crore.
