Calcutta Metro buys out Bata from township joint venture for Rs. 100-Cr

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Bata India Ltd. has exited its real estate joint venture project at Batanagar in southern Kolkata. The integrated township project was a joint venture between the shoe-maker and Calcutta Metropolitan Group. Bata has received Rs. 100 crore upfront in cash for future transfer of shares in the JV company, Riverbank Developers Pvt. Ltd. (RDPL), and for development rights. In addition, Bata will receive 640,000 sq ft of constructed space free of cost in the project. Bata still retains the legal title over the 230-odd acres of land where the project is coming up.

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