Footwear major Bata India has re-negotiated rentals with owners of around 40 stores and achieved up to 30% rent reduction on properties.

'The fall in the realty prices have led to rent renegotiations with our property owners and so far we have been able to renegotiate rents on around 40 of our outlets across India.

The revised rentals are up to 30% less than the earlier amount,' Bata India Group Managing Director Marcello Villigram said.

He said talks are on with some other property owners and the company expects rent reductions on more properties.

Financial Express