Hindustan Motors, erstwhile makers of iconic Ambassador auto, has mentioned proceeds from the proposed sale of land at its closed Uttarpara (West Bengal) and Pithampur (Madhya Pradesh) units would not be much less than Rs 162 crore.
Addressing the shareholders, the CK Birla Group firm has also clarified that the Uttarpara land, which is to be sold, is outdoors the factory premises and “there is no existence of any machinery/equipment”.
In a stock exchange filing on Wednesday, the firm mentioned in regard to the notice of postal ballot, dated February 25, 2021 relating to the approval for sale of land at Uttarpara and Pithampur, there have been additional queries raised by some shareholders.
“The approval is pertaining to the specific area of land only i.e. not more than 150 acres of land at Uttarpara and not more than 35 acres of land at Pithampur and the consideration in relation to above mentioned land pieces shall not be less than `150 crore in case of Uttarpara and not less than `12 crore in case of Pithampur,” Hindustan Motors mentioned in the stock exchange filing.
The firm, providing more clarifications, mentioned the land at Uttarpara is industrial land and beneath restrictive sale with the permission of West Bengal government. Whereas, the Pithampur land is beneath lease from MPIDC.
“So sale on circle rate or applicability of circle rate is not even a probability,” it stated.
“At this time we are only seeking a part transfer of right in reference to Uttarpara land and a lease hold right transfer in reference to Pithampur.”
India’s oldest carmaker additional mentioned in reference to Uttarpara land, which is element of this query is outdoors the factory premises and there is no existence of any machinery/gear.
“As regard to the Uttarpara land of the company, the present resolution is dealt with and restricted up to not exceeding 150 acres area of land which is to be sold.
In future, a new and fresh resolution would be required for seeking approval from shareholders, in case of any disposal of any piece of land at Uttarpara, for any mode of transaction like transfer, lease or sale etc,” the firm added.
Mumbai-based Hiranandani Group is arranging to set up an integrated logistics park and a hyperscale datacentre park at the Uttarpara land, investing about Rs 8,500 crore.
The group, which entered into a memorandum of understanding (MoU) with Hindustan Motors final month, has mentioned its group firms GreenBase and Yotta would set up the integrated logistics park and hyperscale datacentre park, respectively.
Chennai-based Shriram Group in 2008-09 purchased more than 300 acres at the Uttarpara factory for genuine estate and IT park.