Tata AutoComp Systems, a key participant in the automotive business, has been successful in selling a substantial land piece in the Maan neighborhood of Pune that spans over 13.26 acres.
Both land and a structure measuring one hundred thousand square feet on the property were sold as part of the transaction, which had a total value of ₹134 crore.
Details of the Buyer and the Transaction
Titania Industrial Development, a real estate developer, successfully concluded the transaction by executing an initial payment of ₹24 crore. This payment was made in two installments, on October 4 and October 6, with each installment equivalent to ₹15 crore and ₹9 crore, respectively.
Following the completion of the registration process on October 27th, the remaining ₹109 crore was settled.
Zoning and Plans for the Future
The land that was sold is currently located in an industrial zone; however, Tata AutoComp Systems has submitted a request to the Pune Metropolitan Regional Development Authority (PMRDA) to modify the zoning of the site to residential classification.
Prior Use and Relocation of the Location
The site was utilized by Tata AutoComp Systems for a variety of reasons, including the establishment of a research and development center, technical facilities, laboratories, prototype areas, and assembly units.
The business has been able to successfully shift all of these operations to its other facilities, which are situated in the Hinjewadi and Chakan premises of Pune district.
The Transition of Employees
Tata AutoComp Systems has kept all of the personnel who were previously working on the sold property and has effortlessly shifted them to other Tata AutoComp premises.
This is despite the fact that the site was sold and relocated.
In accordance with the agreement, there is no requirement for a No Objection Certificate (NOC) to be obtained for this transaction.
At the time of the reporting, Tata AutoComp Systems had not responded to any of the inquiries that were presented to them regarding the deal.
Attempts to get in touch with Titania Industrial Development for comments were unsuccessful.
Details Regarding Tata AutoComp Systems
- In the automobile industry, Tata AutoComp Systems is a significant participant that offers a wide range of goods and services to original equipment manufacturers (OEMs) and tier-1 suppliers, on both the Indian and international levels.
- Nine joint ventures with significant players in the worldwide auto component sector are among the company’s many accomplishments.
- In addition to providing engineering and supply chain solutions, Tata AutoComp Systems is an industry leader in the production of plastics for the interior and exterior of automobiles, composites, and sheet metal stampings.