Shriram Properties to develop project on Hindustan Motors land - Feedback

Chennai-based Shriram Group would invest around Rs 10,000 crore for developing a residential- cum-commercial project on a portion of land that once belonged to Hindustanat Uttarpara.

“We are investing around Rs 10,000 crore in phases for developing a residential-cum-commercial complex on 386 acres of land which was bought from HM,” Managing Director of Shriram Properties M Murali told reporters here today. The land was purchased several years back during the previous Left Front rule with a view to turning around the ailing company from the realisation of the sale proceeds. Since then, there had been no activity and ultimately the company closed down operations owing to extreme working capital crunch arising out of poor sale of Ambassador cars.

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