Reliance Retail, the retail business arm of Mukesh Ambani?s Reliance Industries Ltd (RIL), will take over three prime lands in Bhu-baneswar, Cuttack and Baripada from Orissa State Road Transport Corp (OSRTC) on a 33-year lease basis for putting up retail complexes.
The company has agreed to shell out Rs 20 crore, besides a monthly rental of Rs 15 lakh, for using the land.
The monthly rental will be revised in every five years. For the land in Baripada, the company has already deposited Rs 6 crore.
Sources in the OSRTC said the amount realised from the deal will be invested for procurement of new buses and modernisation of the government bus-stands.
The public transport company, which has 230 buses, is proposing to add another 50 new buses to its fleet. OSRTC is planning to modernise bus stands at Bhubaneswar, Cuttack, Sambalpur and set up two new stands at Dhenkanal and Angul under public-private partnership basis.