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Hindustan Motors Ltd on Monday said that the company’s plans to venture into the electric vehicle segment in joint venture with another company is stalled at present due to a notice from West Bengal government on resumption of its land in Uttarpara. Hindustan Motors had earlier signed a Memorandum of Agreement with another company for handing over a part of surplus land at Uttarpara for the proposed project.
“The company has also signed a Memorandum of Understanding (MoU) and is in developed stage of discussion for a joint venture with a company involved in EV segment. However, the project is stalled at the moment due to a notice from West Bengal government on resumption of HM Uttarpara land,” the company said in the notes to accounts to BSE on Monday.
However, the company has alternate plans to facilitate and generate additional revenue and realise adequate fund required after the resumption issue is resolved, it said.
It is to be noted that the State government has issued an order for resumption of Hindustan Motors Uttarpara land. Application filed before West Bengal Land Reform and Tenancy Tribunal and the matter is pending for final hearing as per guideline of Calcutta High Court, it said.
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