Tata AutoComp Systems, a prominent player in the automotive industry, has successfully sold a substantial land parcel spanning over 13.26 acres in Pune’s Maan area. The transaction, valued at ₹134 crore, involved the sale of both land and a 1,00,000 sq ft structure on the premises.
Buyer and Transaction Details
- The real estate developer, Titania Industrial Development, completed the acquisition, making an initial payment of ₹24 crore in two tranches on October 4 and October 6, amounting to ₹15 crore and ₹9 crore, respectively.
- The remaining ₹109 crore was settled at the time of registration on October 27.
Zoning and Future Plans
- The sold property currently falls under the industrial zone, and Tata AutoComp Systems has applied to Pune Metropolitan Regional Development Authority (PMRDA) for a change in zoning to residential.
Previous Usage and Relocation
- Tata AutoComp Systems utilized the land for various purposes, including a research and development center, technical facilities, laboratories, prototype areas, and assembly units.
- The company has successfully relocated all these operations to its other facilities located in Pune’s Hinjewadi and Chakan premises.
- Despite the sale and relocation, Tata AutoComp Systems has retained all employees previously working on the sold property and seamlessly transferred them to other Tata AutoComp premises.
- No labor No Objection Certificate (NOC) is required for this transaction, as confirmed by the agreement.
Response and Queries
- Queries sent to Tata AutoComp Systems regarding the transaction remained unanswered at the time of reporting.
- Titania Industrial Development could not be reached for comments.
About Tata AutoComp Systems
- Tata AutoComp Systems is a key player providing products and services to both Indian and global automotive original equipment manufacturers (OEMs) and tier-1 suppliers.
- The company boasts nine joint ventures with leading global auto component industry players.
- Tata AutoComp Systems specializes in automotive interior and exterior plastics, composites, sheet metal stampings, as well as engineering and supply chain solutions.
Important Questions Related to Exams
Q1: What did Tata AutoComp Systems sell in Pune, and to whom?
A1: Tata AutoComp Systems sold a 13.26-acre land parcel, including a 100,000 sq ft structure, in Pune’s Maan area to Titania Industrial Development for ₹134 crore.
Q2: What is the current zoning of the sold property, and what are Tata AutoComp’s plans?
A2: The property is currently zoned as industrial. Tata AutoComp has applied to Pune Metropolitan Regional Development Authority (PMRDA) for a change in zoning to residential.
Q3: How was the transaction structured, and what were the payment details?
A3: Titania Industrial Development made an initial payment of ₹24 crore in two tranches (₹15 crore and ₹9 crore) on October 4 and October 6, respectively. The remaining ₹109 crore was settled during the registration on October 27.