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| Exchange Disseminated Time | Standard Industries Ltd has informed BSE that the Company on June 17, 2011 has entered into a Term Sheet with Peninsula Mega City Development Pvt. Ltd. for development of approximately 62.25 Acres of the Company's Leasehold land at TTC Industrial Area, Thane Belapur Road, Ghansoli, Navi Mumbai.
This is pursuant to the authority granted at the Board Meeting held on June 16, 2011. The material terms are as under:
1. The Company will receive an aggregate sum of Rs. 130 Crores spread over a period of 5 years; and
2. 20% constructed IT space/area in the development. |
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