India's one of the oldest company Bata India Ltd. has informed that it will entre in to a joint venture with Riverbank Developers Private Ltd. The company will receive Rs 100 crore towards upfront payment and 6.4 lakh per square feet for the upcoming project of the company. It has to build up area for a township development. The joint venture will be 50:50 between theses two companies.

The Bata India Ltd. has also announced it's forth quarter financial results. In this publication, it has mention about this restructured agreement that is going to happen soon.

The township project is located near the city of Kolkata. The Bata Company is keen on utilizing its company shoe manufacturing unit's surplus land. The company wants to develop it to a proper township.

The Riverbank Developers Private Ltd. is also having a joint venture with Calcutta Metropolitan Group Ltd. before. On the other hand Bata is also associated with CMGL for an IT SEZ. The SEZ has around25 acres of land in an adjacent area.