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The Indian Railways is expected to pay Rs 100 crore to Premier Ltd for acquiring 26 acres of land owned by the Mumbai-based company for the proposed 'Dedicated Freight Corridor'.
The Doshi family-led Premier, which makes sports utility vehicles and light commercial vehicles, monetised 150 acres of the land in January this year, situated at Dombivali, a suburb of Mumbai.
Premier today informed the Bombay Stock Exchange that it has received the first tranche payment of Rs 27 crore towards the acquisition. The company presently owns about 63 acres of land.
In March this year, the company announced that it had received Rs 220 crore as part consideration for transaction it entered for development of its 150 acres land with Horizon Projects.
A further Rs 220 crore will be recieved by the company in December next year from this project, which aims to build residential flats.
