Bata India, leading manufacturers of footwear in India has exited real estate joint venture project at Batanagar in the southern fringes of Kolkata. It was working with Calcutta Metropolitan Group on this integrated township project.
For transfer of shares in the JV company that is Riverbank Developers (RDPL), Bata has received Rs 100 crore upfront in cash. It will get 640,000 sq ft of constructed space free of cost in the project. Bata still holds the legal title over the 230-odd acres of land where the project is coming up and shares in RDPL.
