Bata India Ltd has exited its real
estate joint venture project at Batanagar in the southern outskirts of Kolkata.
The integrated township project was a joint venture between the leading shoe-maker
and Calcutta Metropolitan Group.
Rajeev Gopalakrishnan, Managing
Director, Bata confirmed, “Yes (we are out of the project). It is being run by
our joint venture partners. We are not into it now.”
According to market sources, Bata
has received Rs 100 crore upfront in cash for future transfer of shares in the
JV company, Riverbank Developers (RDPL), and for development rights. In
addition, Bata will receive 640,000 sq ft of constructed space free of cost in
the project.
Bata still retains the legal title
over the 230-odd acres of land where the project is coming up and shares in
RDPL.
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