HM earns Rs 295 cr from land deal

New Delhi, Feb 27 (UNI) Hindustan Motors Ltd today said it will earn Rs 295 crore in the next ten quarters from the development of an integrated IT township and auto park in its 314 acres of land in Kolkata.

''The company will also get non compete fee equal to four per cent of sale proceeds,'' a statement said.

The company has signed an arrangement in this regard with Shriram Properties and both will jointly develop the proposed integrated IT township and auto park through a special purpose vehicle.

Hindustan Motors will be utilising proceeds from this arrangement for implementation of the revival and renewal of its Uttarpara Plant, investments on modernisation, expansion on development of contemporary automotive forging, stamping and foundry facilities and growth initiatives.

UNI