Tata Auto Comp Sells Pune Land Parcel for ₹134 cr

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.

Employee Transition

  • 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.

Find More Business News Here

Piyush Shukla

Recent Posts

Today Top 10 Current Affairs 23rd November 2024 Questions and Answers

The Daily Current Affairs Quiz which keeps you updated with the current events happening all…

2 hours ago

IPL 2025 Schedule: BCCI Announces IPL Schedules for 2025, 2026, and 2027 Seasons

The Board of Control for Cricket in India (BCCI) has made a bold and significant…

15 hours ago

Which District of Madhya Pradesh is Famous for Rang Panchami Festival?

Madhya Pradesh, a state rich in culture and traditions, celebrates many colorful festivals. One of…

15 hours ago

Ustad Bismillah Khan Yuva Puraskar For 2022 and 2023

The Ustad Bismillah Khan Yuva Puraskar (UBKUP) is a prestigious award instituted by the Sangeet…

16 hours ago

Top 10 Most Sustainable Economies in 2024: India’s Position Explained

The Sustainable Trade Index 2024, jointly published by the Hinrich Foundation and IMD, highlights the…

16 hours ago

Who is Known as the Frontier Gandhi?

The title "Frontier Gandhi" refers to Khan Abdul Ghaffar Khan, a prominent leader from British…

17 hours ago