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| Exchange Disseminated Time | With reference to earlier announcement dated October 29, 2010, Indian Hume Pipe Company Ltd has now informed BSE that on April 29, 2011 the Company has signed a Memorandum of Understanding (MOU) with M/s. Dosti Realty Limited (the Developers) for developing the Company's Industrial Land admeasuring about 48,288 sq. mtrs. equivalent to 5,19,772 sq. ft or there about bearing plot No.3,4,5,5A,10,11,11A,12,15 & 16 in the Hadapsar Industrial Estate, Pune out of Survey Nos.112A,113,114,117,118,119,122A,123,269A,297A and 318 situated at Maoje - Hadapsar from out of sub-division - Haveli, Division Pune.
The Company and the Developers has certain obligations to be performed under the MOU in a time bound manner such as sanctioning of the building plans, change of user permission from Pune Municipal Corporation under the prevailing rules, regulations and laws as applicable and other authorities within stipulated time limit under the MOU. The Developers will also have to complete all the formalities for obtaining of other approvals, sanctions as applicable within the stipulated time limit under the MOU.
A formal Development Agreement will be entered into with M/s. Dosti Realty Ltd. after discharging the obligations within the time stipulated under the MOU. |
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