W S Industries India Ltd to form JV with Prestige Group for development of IT park

At the meeting of the Board of Directors of W.S. Industries (India) Limited held on 4th July 2023 to review the operations of the Company, the board gave its approval for entering into a joint venture with the Bangalore based Prestige Group for the development of IT/IT enabled services/parks in 6.53 acres of immovable property at No.108, Mount Poonamallee Road, Porur, Chennai - 600 116 and execution of relevant documentation to that effect.

The agreement will be entered with M/s.Prestige Estates Projects Limited ("PEPL") and M/s.Prestige Exora Business Parks Limited ("PEBPL") for construction of Grade A information technology / information technology enabled services.

The Company intends to develop, implement, and operate the IT/ITES Project in its 6.53 acres of land parcel at Porur, Chennai, Tamilnadu through its subsidiary company WS Insulators Private Limited.

The company approached PEPL for the aforesaid purpose. Company and PEPL, after due deliberation to explore the Project, together, have agreed to enter into a joint venture and for this purpose PEPL will undertake the Project through PEBPL, its wholly owned subsidiary.

Source : Equity Bulls

Keywords

WSIndustriesIndia JointVenture PrestigeGroup ITPark Porur Chennai