Companies

Bata exits real estate venture

Our Bureau | Updated on November 17, 2017

Bata India Ltd has exited its real estate joint venture project at Batanagar in the southern fringes of Kolkata. The integrated township project, was a joint venture between the shoe-maker and Calcutta Metropolitan Group.

Mr Rajeev Gopalakrishnan, Managing Director, Bata confirmed, “Yes (we are out of the project). It is being run by our joint venture partners. We 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.

Published on May 30, 2012

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