Hmt Limited May Sell Land

The media had reports on April 18, 2008 that Hmt Ltd. may sell its 25 to 30 acres land at Bangalore for around Rs 200- 250 crores.

The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.

Hmt Ltd. has vide its letter inter-alia stated, "The statement made in the media regarding the proposal for sale of land measuring about 28 to 30 acres at Bangalore and action being taken in this regard are not factually correct. The Company has been examining various alternatives in respect of its surplus immovable properties at various locations for quite sometime now, as part of its revival strategies including its subsidiary companies, which may include disposal/joint development etc. However no such decision for sale of land at Bangalore through open tender has been taken, as reported in the media." -- www.nseindia.com

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