Don’t miss the latest developments in business and finance.

HDIL served termination notice for slum project, posts Q4 loss

Image
Reuters MUMBAI
Last Updated : May 29 2013 | 3:16 PM IST

MUMBAI (Reuters) - Housing Development & Infrastructure Ltd has received a termination notice from Mumbai International Airport Limited (MIAL) for its slum rehabilitation project, it said on Wednesday.

It posted a net loss of 2.8 billion rupees versus a 3.16 billion rupee profit in the year ago quarter.

The project, which involves rehabilitating a million people living near the city's international airport, is one of the biggest for the Mumbai-based developer.

HDIL has not accepted the notice and has initiated legal remedies available to it, it said in a statement.

(Reporting by Aditi Shah; Editing by Daniel Magnowski)

More From This Section

First Published: May 29 2013 | 3:07 PM IST

Next Story