Hindustan Motors appoints HDFC to sell WB land

New Delhi, Aug 17 (UNI) Hindustan Motors today said it has appointed HDFC as consultant to sell a part of its land in West Bengal, for which it awaits the state government's permission.

''The company has appointed HDFC to manage the selling process.

We are looking to sell around 300 acres of the 740-acre land we have,'' Hindustan Motors MD R Santhanum told reporters after launching an SUV Mitsubishi Montero.

Mr Santhanum said the company was awaiting the nod from the state government before going ahead with the process - proceeds from which would be used for strengthening its car and auto components business.

''The proceeds would be used for having a vibrant manufacturing enterprise at Uttarpara, and we hope that the final decision on the matter is taken through,'' he said.

He added that the auto component business of the Birlas, which was hived off into a separate subsidiary AVTEC, would see ''substantial investments'' from the company as it moved ahead from supplying components to domestic original equipment manufacturers (OEMs) in western countries.

''On the components side, we are in auto castings, auto forgings and auto stampings, and expect the business to see considerable growth in the coming years.'' Apart from selling its Ambassador model in the domestic market, Hindustan Motors has a partnership with Mitsubishi to sell its cars in India.

UNI PV VJ KN1925