Bata India makes realty foray Inks joint venture p

Bata India makes realty foray Inks joint venture pact for township development,[link widoczny dla zalogowanych]
BATA India Ltd the country's largest footwear manufacturer is foraying into real estate development. The options under consideration include setting up an integrated township with housing and commercial facilities,[link widoczny dla zalogowanych], and also setting up an industrial park,[link widoczny dla zalogowanych]," a senior company executive told Business Line.
The company would take a decision on setting up more such real estate development projects in due course. "Depending on how this venture materialises,[link widoczny dla zalogowanych], we will be deciding on taking up more real estate projects,[link widoczny dla zalogowanych]," the executive said.
The Batanagar factory churns out around 25 million pairs of shoes annually. The plant was set up on land belonging to the Kolkata Port Trust,[link widoczny dla zalogowanych], which has been leased out to Bata India Ltd for a 99-year period.
The Indian arm of the Toronto-based Bata Shoe Organisation,[link widoczny dla zalogowanych], which is in the process of restructuring its retail business and refurbishing its 1,[link widoczny dla zalogowanych],600 stores across the country,[link widoczny dla zalogowanych], has five footwear manufacturing units across India with a combined capacity of 40 million pairs annually. To turn around the fortunes of its mainstay footwear operations,[link widoczny dla zalogowanych], the company has introduced a VRS scheme to cut down flab and is looking at wiping out its Rs 40-crore accumulated losses over the next two years.
The company's board has also approved a rights issue to fund the restructuring exercise. The foray into real estate development is expected to generate an additional revenue stream,[link widoczny dla zalogowanych], the executive said.
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