HLL had, a few months ago, through a public notice claimed easementary rights on the reclaimed land.
HLL would pay for the land to be provided for the road, price for which would be determined by the state government.
An agreement would be signed after the steering committee of GIDA which is to construct bridges linking the islands off Kochi with the mainland, scheduled for Thursday. As per the agreement, HLL would build the road which would be for public use.
Following the settlement, Goshree Island Development Authority which is to construct bridges linking the islands off Kochi with the mainland, a decision on retendering the reclaimed would be taken at the Thursday meeting.
An earlier attempt to sell off the land floundered after there were just two buyers who had shown interest.
The row over the land cropped up when Hindustan Lever Ltds issued a public notice claiming easementary rights over the reclaimed 52 acres of land.
It had said the property till recently had a waterfront and it had easementary and other rights on the property which included right of access at diverse places for travel and transport from the waterfront.
It had claimed establishing five boat jetties and had the right to draw water from the backwaters and discharge storm water into it.