Govt approves transfer of land of HMT Watches to ISRO

The government today approved the transfer of 208.35 acres land belonging to HMT Watches Limited at Bengaluru and Tumkur in Karnataka to the Indian Space Research Organisation (ISRO) on payment of Rs 1,194.21 crore and applicable taxes and duties.
The Union Cabinet at a meeting here chaired by Prime Minister Narendra Modi also approved the transfer of Bangalore (Global Warehouse) land of HMT Limited measuring 1 acre to Gas Authority of India Limited (GAIL) on payment of Rs 34.30 crore and applicable taxes and duties.
The proceeds will be deposited in government's accounts against loans and advances, after meeting the immediate liabilities and accounting for tax liabilities.

The sale will free productive resources and ensure better utilisation of scarce land resources in the larger public interest.