Fermenta Biotech Ltd and Mextech Property Developers LLP sign Binding Term Sheet for Real Estate Development

Fermenta Biotech Limited ('Fermenta') announced that it has signed a Binding Term Sheet today with Mextech Property Developers LLP ('Mextech') for the balance development of its Thane property through Mextech, whose key partners are Mr Anil Mutha and Mr Rajesh R. Patel. Mr Anil Mutha is the Promoter of Nandivardhan Constructions Private Limited, a major real estate player in Thane and Mumbai. Mr Rajesh R. Patel is the Promoter of RRC Ventures Private Limited which is one of the top construction service providers in India.

Fermenta owns, as a part of its legacy properties, freehold land in Thane which was partly developed by constructing Thane One, an IT/ITES Building. Fermenta has now signed a Binding Term Sheet with Mextech and granted the development rights to Mextech for construction of residential-cumcommercial buildings ('Property") in the balance portion of Land. In lieu of this Fermenta would receive affordable luxury residential flats on an area sharing basis aggregating to 120,000 square feet RERA carpet area along with amenities in the Property. Within 75 days of the execution of the Binding Term Sheet, the parties would sign the Definitive Agreement and the Property is expected to be constructed within 6 years of signing the Definitive Agreement.

Mr Prashant Nagre, Managing Director of Fermenta Biotech Limited, commented on the alliance: "We are pleased to partner with reputed names in the industry for the balance development of our Thane property. As our partners with their experience and expertise will take complete responsibility of the development, this allows Fermenta to focus on the growth of its core nutrition business by enabling greater availability of management bandwidth and access to financial resources."

Mr Anil Mutha, Promoter of Nandivardhan Constructions Private Limited, said: "We are pleased to partner with Fermenta, an organization of long-standing repute, for the development of its property in Thane, where Nandivardhan has successfully architected multiple residential towers. With the current project's proximity to the upcoming metro, we expect this to become a prime location for the residential as well as commercial space."

Mr Rajesh R. Patel, Promoter of RRC Ventures Private Limited, said: "Thane One has redefined the corporate landscape in Thane, with its green ambience and environmentally conscious facilities. With our experience in high quality development, our constructions would be complementary to the aesthetics of the existing building."

Shares of Fermenta Biotech Ltd was last trading in BSE at Rs. 292.05 as compared to the previous close of Rs. 283.95. The total number of shares traded during the day was 8548 in over 202 trades.

The stock hit an intraday high of Rs. 293.20 and intraday low of 287.00. The net turnover during the day was Rs. 2478761.00.

Source : Equity Bulls

Keywords

FermentaBiotech INE225B01021 Pharmaceuticals MextechPropertyDevelopersLLP ThaneProperty