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This is an archive article published on May 29, 2013

Housing Development 038; Infrastructure Ltd served termination notice from MIAL

HDIL has not accepted the notice and has initiated legal remedies available to it.

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Housing Development amp; Infrastructure Ltd HDIL has received a termination notice from Mumbai International Airport Limited MIAL for its slum rehabilitation project,it said on Wednesday.

It posted a net loss of 2.8 billion rupees 50.07 million versus a 3.16 billion rupee profit in the year ago quarter.

The project,which involves rehabilitating a million people living near the city8217;s international airport,is one of the biggest for the Mumbai-based developer.

HDIL has not accepted the notice and has initiated legal remedies available to it,it said in a statement.

HDIL stocks plunged 10 per cent after the notice.

 

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