Land sold through 'very transparent process': HMT

Kochi, Feb 5 (UNI) Hindustan Machine Tools (HMT) General Manager M C Pookoya today said the sale of 70 acres of its land to Mumbai-based Blue Star Realtors Private Limited was executed after following a 'very transparent process'.

In a statement here, Mr Pookoya said '' it followed a very transparent process, whereby the valuation of land was made by three government approved valuers.'' The advertisement for the sale of the land was published in leading dailies and also on the company website.

He said the HMT received 11 bids and the offer of Blue Star Realtors was the highest and the company board approved the sale.

The sale was registered in favour of Blue Star Realtors at Sub-Registrar in Edapally during November 2006.

Blue Star Realtors, a subsidiary of HDIL, had bought 70 acres from the HMT through a public tender where it proposed to develop an IT township with a built-up area of 80 lakh sqft.

UNI XR AJ RSA HT2205