Kennametal India has received compensation amount of Rs 5.91 crore which includes Rs 4.99 crore towards land acquisition compensation after TDS and Rs 92.05 lakh towards interest through cheque from City Civil Court, Bangalore against the acquisition of company’s land measuring 3435.26 square meters for Bangalore Metro Rail Corporation by Karnataka Industrial Areas Development Board.
The dispute on the land compensation amount was pending before the Court since year 2012. The company has submitted Indemnity and bank guarantee in favour of II Additional City Civil & Sessions Judge at Bangalore for the aforesaid amount for valid up to August 03, 2016.
Kennametal India is a leading global supplier of tooling, engineered components and advanced materials that are consumed in production processes.
