HM gets WB nod for Uttarpara realty development

Hindustan Motors  has received formal intimation from the government of West Bengal for its "revival & renewal proposal" that would bring its automotive industrial complex at Uttarpara back to profitability and financial health.

According to a release issued by Hindustan Motors to the BSE today, the company had applied to the state government seeking permission for alternate use of 314 acres of surplus land at Uttarpara. The company's application envisaged development of the land, over a 4-5 year period, into a world-class integrated IT & ITES township and an auto ancillary park.

The government  had indicated last month that the company's application had been approved under the West Bengal Industrial Renewal Scheme, 2001 and West Bengal Land Reforms Act, 1955.

"The company expects to incur about Rs 85 crore to modernise and grow the operations at Uttarpara. This proposed investment is in line with what was submitted in its application to the West Bengal government," the release added.

Ravi Santhanam, MD of Hindustan Motors, said: "We are thankful to the government for considering our proposal favorably. This approval will pave the way for making Uttarpara unit into a vibrant industrial enterprise."