Bata India exits from real estate project in Kolkata
Bata India Ltd has exited its real estate joint venture project at Bata Nagar in the southern fringes of Kolkata.
In a joint venture with Calcutta Metropolitan Group, Bata India was constructing an integrated township project in Kolkata.
The Managing Director of Bata India has confirmed that the project will be run by the partners from now onwards. They 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.
Godrej Properties will invest in realty projects in Kolkata
Source: Business Line
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