Reliance Industries Ltd (RIL) has bought over four lakh square feet of prime commercial land at Indore for Rs 270 crore possibly for its retail operations.
IDA had invited tenders for the commercial land at Vijay Nagar and RIL's bid was found to be the highest, IDA Chairman Madhu Verma told PTI.
RIL had quoted Rs 270 crore for the land, while the other bidders including BTTP and DLF quoted Rs 157.02 crore and Rs 150 crore respectively.
Verma informed that the proposal of the Mukesh Ambani-promoted firm was formally approved in the recent meeting of IDA board.
The approval letter has been sent to the company, in which IDA has asked RIL to deposit 25 per cent of the bid amount within one month of the date of receipt of letter and remaining in the next three months.
RIL sources informed that so far the company has not decided what project will be implemented at the site, but confirmed that the proposal has been approved.