Chennai-Based Healthcare Major Acquires Hindustan Photo Films’ 291 Acres Via Auction Process

It was an iconic name once upon a time. This Tamil Nadu-based central public sector undertaking Hindustan Photo Films Manufacturing Company Ltd (HPF), however, failed to survive the test of time. HPF has long been consigned to the pages of history. Through the IBC (Insolvency and Bankruptcy Code) route, HPF went into liquidation when the official liquidator invited bids for its sale as a “going concern” with a “disputed leasehold land to an extent of 291 acres” late last year. A fast-emerging Chennai-based group, which is coming up rapidly in the healthcare space, is reported to have successfully acquired land and other properties owned by HPF through the auction process. This health care company a few months ago signed up to take over another Chennai-based hospital in a over Rs 125-crore deal. HPF was incorporated in 1960 in the backward Nilgiris district in Tamil Nadu. Its main plant is located at Udhagamandalam. The company’s photographic films were sold under the name ‘Indu’. The company’s operations have been at a standstill since June 2013. A combination of factors — from obsolete technology to weak marketing and high input costs — pushed HPF to the brink. The digital revolution proved the last nail in its coffin. The acquisition indeed pictures the propensity for expansion by this healthcare group.