Golden Tobacco calls off Rs 70-cr land deal

Cigarette maker Golden Tobacco Ltd (GTL) has called off a land deal worth Rs 70 crore with property developer HDIL, accusing the latter of bad faith.

GTL entered into a memorandum of understanding (MoU) with HDIL on February 25 to sell the four-acre property in Marol, near Andheri on the western line in Mumbai, for Rs 70 crore. GTL advocates said HDIL did not pay the instalment money despite oral and written reminders and a legal notice sent on May 3.