Hindustan Motors to get 2.95 bln rupees from land deal

Newswire

MUMBAI, Feb 27 (Reuters) - Hindustan Motors Ltd. said on Tuesday it expects to get 2.95 billion rupees over the next 10 quarters from the development of a 314-acre plot it owns in eastern India. The company said it would also get a non-compete fee at 4 percent of the sale value of the developed property. Hindustan Motors, one of India's oldest car makers, has already submitted to West Bengal goverment a proposal to develop the land near Kolkata city jointly with Shriram Properties Ltd.

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