HM to spend Rs 100 cr on expansion of its car plant near Kolkata

Mumbai, Aug 25 (UNI) Auto major Hindustan Motors Ltd (HM) will invest around Rs 100 crore in next five years to expand and diversify its car plant near Kolkata.

A top official said here the company would fund the investment with revenue expected from developing its land at Uttarpara.

Further in a notice to Bombay Stock Exchange (BSE), the company said it has developed a comprehensive ''Revival and Renewal Proposal'' that would bring its automotive industrial complex at Uttapara back to profitability and financial health.

The proposal envisages diversifying and expanding into the auto component sector by developing a modern and large-sized automotive forgings, castings and stampings business by cost-effectively leveraging existing facilities and infrastructure.

It also said that the company's application envisages for development of 314 acre of land over a 4-5 years period into a world class integrated IT and ITES township and Auto Anciliary Park -- the three fastest growing sectors. Such a development will also maximise socio-economic benefits to Uttarpara and the neighbouring belts.

UNI SN SSS SKB1630