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Thursday, May 6, 2010

Bata India reworks real estate plans

Bata India, which firmed up a joint venture with Calcutta Metropolitan Group in 2005, to create an integrated township on Bata land in south 24-Parganas, has reworked the agreement to derisk its business.

A Bata India release said under the new agreement arrived at last week, it will receive Rs 100 crore upfront in cash for future transfer of shares in the JV company, Riverbank Developers (RDPL), and variation of the development rights. In addition, the company will also receive 640,000 sq ft of constructed space free of cost in the project over a defined period of time.

Bata India still retains the legal title over the 230-odd acres land at Batanagar where the project is coming up and shares in RDPL. While retaining the legal title over the land at Batanagar Project and shares in the Joint Venture company, Riverbank Developers Private Limited (RDPL).

The release said to ensure an efficient implementation and subsequent management of the township development, BIL has decided to concentrate on its core business. “BIL has restructured its existing agreements to ensure that not only does the development of the project proceed with due urgency, in the process BIL also manages to derisk itself by focusing on its core business of manufacturing and selling footwear and accessories,” the release added.

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