>> Saturday, December 27, 2008
India`s largest automobile company, Tata Motors has been allooted 45 acres of extra land at its Pantnagar facility from the Uttarakhand government for Nano project, reports Business Standard.
The previous Congress government, had given Tata Motors, 955 acres of land for its Ace truck plant at Pantnagar, out of a promised total 1,000 acres, according to State Chief Secretary, I K Pandey.
This land allotment is likely to help the company in launching the world`s cheapest car priced at Rs 100,000.
The company moved the mother plant to Sanand in Gujarat from Singur, on account of opposition from Trinamool Congress over land acquisition.
It had originally planned to pump in Rs 15 billion at Singur but the investment was increased to Rs 20 billion, when it shifted to Sanand.
Originally, Nano was to be commercially launched around Durga Puja this year but postponed to the last quarter of this fiscal year. The company is planning Nano production, from its various locations, including Pune and Pantnagar untill the mother plant at Sanand is ready.
Shares of the company declined Rs 4.05, or 2.54%, to settle at Rs 155.60. The total volume of shares traded was 499,254.00 at the BSE (Friday). - MyIRIS