Financial Daily from THE HINDU group of publications
Sunday, May 08, 2005
Financial Daily from THE HINDU group of publications Sunday, May 08, 2005 |
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Corporate
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Announcements HMT deal with ONGC, MRPL Our Bureau
BANGALORE: HMT has struck a deal with MRPL and ONGC, to earn revenue out of its vast surplus land across the country. Under a memorandum of understanding (MoU) signed by HMT with ONGC, the oil and gas companies would utilise the land for setting up retail outlets for their products. The MoU, which is valid for three years, also envisages HMT to market its products such as tractors and watches at the retail outlets proposed to be developed by ONGC and MRPL, said a spokesman of HMT. He said ONGC has identified three locations where HMT has surplus land to set up its retail fuel outlets. The details of the commercial terms were yet to be finalised. The MoU was signed recently by Mr Subir Raha, Chairman and Managing Director of ONGC, and Mr M.S. Zahed, CMD of HMT.
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