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| Exchange Disseminated Time | With reference to the news item appearing in a leading financial daily titled "Indian Hume Pipe in real estate?", Indian Hume Pipe Company Ltd has clarified to BSE that the Company does not wish to comment on such market rumors and valuation of land properties as stated in the news item and as on date the Company has not commercially developed any land and no such plans are firmed up and approved by the Board Of Directors.
The Company is in the business of undertaking water supply projects on turnkey basis for drinking, Irrigation, sanitation, sewerage and hydroelectric projects. The Company has manufacturing factories located at various locations in India. It has been noted that over a period of time the Company has closed down factories at many locations and also started at few new location. A pipe manufacturing factory becomes idle on completion of certain projects and on securing a new project at other location the Company either transfers the idle factory or sets up a new factory at that location which continues its operations there. Therefore, closing down factories and starting new factories or shifting existing ones has become a normal activity for the Company in recent times. In the last couple of years, Company has sold some of their properties of Such idle factories. Similarly, the Company has also purchased properties at few new locations and transferred existing factories and or started new ones.
However, the Company has to clarify that presently the Company is exploring / examining the various options / proposals available to the Company in respect of use of its underutilised available land and appropriate decision on its sale or development if any, would be taken on case to Case basis, after approval of the Board of Directors. |
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