ED Plans to Acquire BSNL Land in Chennai for New Office Complex
ED eyes BSNL land in Chennai for new office complex
The Economic TimesImage: The Economic Times
The Directorate of Enforcement (ED) is set to acquire a 1.94-acre land parcel from Bharat Sanchar Nigam Ltd (BSNL) in Chennai for approximately ₹151 crore (around $18 million USD) to establish a new office complex. This move reflects the agency's expanding operational needs as it investigates thousands of cases.
- 01ED plans to acquire 1.94 acres from BSNL in Chennai for ₹151 crore.
- 02The new office complex will enhance ED's operational capacity.
- 03ED has initiated over 6,500 investigations since 2014, with a significant rise post-2022.
- 04BSNL aims to raise ₹20,000 crore through land monetisation over the next few years.
- 05Government agencies, including the income tax department, are also seeking BSNL land.
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The Directorate of Enforcement (ED) is poised to acquire a 1.94-acre land parcel from Bharat Sanchar Nigam Ltd (BSNL) in Chennai for an estimated ₹151 crore (approximately $18 million USD) to construct a new office complex. This decision was discussed at a recent meeting of the Delegated Investment Board, chaired by revenue secretary Arvind Shrivastava, and a final decision is anticipated soon. The land is situated within BSNL’s Dinrose telephone exchange compound on Thayar Sahib Street in Anna Salai. Currently, the ED operates two zonal offices in Chennai, and the planned facility indicates a growing need for office space as the agency's responsibilities expand. Since 2014, the ED has opened investigations in 6,508 cases, with nearly 47% initiated after April 2022. The agency has requested an increase in manpower to 6,000 to manage the rising complexity of cases. Additionally, BSNL is pursuing land monetisation strategies, aiming to generate ₹20,000 crore over the next four to five years, prioritizing sales to government organizations.
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The establishment of a new ED office in Chennai may lead to increased enforcement activities, potentially impacting local businesses and individuals involved in financial transactions.
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