My VHS tapes run 2 hrs 38 minutes for part 1, and 2 hrs and 29 minutes for part 2. Which make it 307 minutes.
WIKIPEDIA says "For HBO and Goldcrest, and first screened in 1984 in the UK, Peter Duffell directed a five-hour three-part television miniseries based on the novel, starring Ben Cross as Ashton, Amy Irving as Anjuli, Omar Sharif as Koda Dad and Christopher Lee as Kaka-ji Rao. It was HBO's first mini series. The mini series ran 300 minutes, and the parts were entitled "Return to India", "The Journey to Bhithor", and "Wally and Anjuli". (The current DVD release split each of these parts into two, creating 6 parts each of about 50 minutes, added a credit section at the newly created break in each part, and in addition removed the titlecard names of the original parts.) A theatrical edit of the series, entitled Blade of Steel, ran 140 minutes, cutting half the story. Although conventional in storytelling and photography, the mini series has ample production value (at a budget of $12 million it was the most expensive made-for-cable movie at the time) and is faithful to the book, although cutting short the youth of Ashton before his return to India, and transposing the Afghan rebellion and Ash's rescue of Anjuli. Carl Davis composed the score, which is a much-sought collector's item. Much of the film was shot in the precincts of Samode Palace.