MMRDA decides to allot Bandra-Kurla Complex land parcel to Indian Oil Corporation

MUMBAI: The Mumbai Metropolitan Region Development Authority (MMRDA) has decided to allot Indian Oil Corporation (IOC NSE 2.32 %) a 400-sq m plot in Bandra-Kurla Complex (BKC) next to the land parcel on which the company has constructed its registered office building.

Indian Oil’s registered office building stands on a 1,200-sq m plot in BKC’s C-50 zone that was allocated in April 2004 for a lease period of 80 years.

For the new plot being allotted, a lease for the remaining 64 years will be signed instead of 80 years so that the lease period for the entire 1,600 sq meter plot remains the same.