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Bata to build real estate-cum-industrial park

23
Mar '06
Bata India is to build a real estate-cum-industrial park in Batanagar, near Kolkata at the cost of Rs85 crore through internal accruals and banks.

The final decision in terms of amount and other processes would be taken by company board on March 30, said a company official.

Bata has set up special purpose vehicle for real estate development last year along with Calcutta Metropolitan Group (CMG) and the Government of West Bengal sanctioned this project in mid February.

According to company's plan, Bata would provide land and development cost would be borne by CMG.

Bata has informed the stock exchanges that the amount would be given to Riverbank Holdings Pvt Ltd, which would be guaranteed by CMG.


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