Second and final tranche of ₹ 13.9 crores received by Prince Pipes from Prince Marketing

Prince Pipes and Fittings Limited (PPFL), one of India's largest integrated piping solutions & multi polymer processors with seven strategically located plants across the country, has confirmed the receipt of the balance amount of ₹ 13.9 crores from Prince Marketing. This marks the full and final receipt of ₹ 40 crores from Prince Marketing. PPFL had received the first major tranche of the advance payment ₹ 26.10 crores in the month of January, 2021.

The Company had remitted an advance amount of ₹ 40 crore to Prince Marketing for purchase of immovable property at the 8th floor of The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai - 400028. The conveyance of the immovable property had not been completed. Accordingly, PPF and Prince Marketing entered into an agreement to record the terms of repayment of the advance amount.

Commenting on the receipt of the final payment Mr. Parag Chheda, Joint Managing Director, Prince Pipes and Fittings Limited, said, "With the receipt of the second tranche, PPFL has now received the full and final refund of ₹ 40 crores from Prince Marketing. Prince Pipes is on an active and high growth trajectory and we will continue to undertake strategic efforts in the Company's best interests that will help achieve a strong growth momentum."

Source : Equity Bulls

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