Hindustan Motors Developing IT Township and Auto Park in West Bengal

March 2, 2007	(Be the first to rate this story!)  Loading ...
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Hindustan Motors Ltd, India’s premier automobile manufacturing company, is soon to come up with an integrated IT township and Auto Park in West Bengal, which would be accomplished jointly with Shriram Properties through a special purpose vehicle.

To be spread over a large area 314 acres of land, the project will be put on the track in accordance with the conditions laid down by the West Bengal Government in its approval order dated September 13, 2006.

The company requires submitting necessary documents to the group of lenders since the arrangement will need their approval as well.

The company is likely to receive the funds of Rs 295 crore in five tranches spread over the next ten quarters and non compete fee equal to 4% of sale proceeds. The proceedings will be used for renewal of its Uttarpara Plant. The development activities will include expansion of automotive forging, stamping, and foundry facilities and other growth initiatives.

HDFC would serve as an advisor regarding identification of potential developers, evaluation of bids, and to finalize other commercially essential terms related to the project.

News Published Under:   Real Estate India |

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