Chennai-based Shriram Group would invest around Rs 10,000 crore for developing a residential- cum-commercial project on a portion of land that once belonged to Hindustan Motors at Uttarpara.
"We are investing around Rs 10,000 crore in phases for developing a residential-cum-commercial complex on 386 acres of land which was bought from HM," Managing Director of Shriram Properties M Murali told reporters here today.
The land was purchased several years back during the previous Left Front rule with a view to turning around the ailing company from the realisation of the sale proceeds.
Since then, there had been no activity and ultimately the company closed down operations owing to extreme working capital crunch arising out of poor sale of Ambassador cars.
Murali said the company had already spent Rs 600 crore in building road infrastructure connecting the site from the main road.
The residential complex would have affordable houses ranging from Rs 12 lakh to Rs 30 lakh, he said adding there would also be an IT city, hospital and educational institutions.
He said the entire project would be completed over a period of ten years and would give employment to 40,000 people.
Work on first phase of the project would start shortly, he said.
