Shree Precoated to invest in Jolly Brothers Pvt Ltd

Shree Precoated Steels Ltd has announced that the Board of Directors of the Company at its meeting held on October 30, 2006 has approved the proposal to invest in Jolly Brothers Pvt Ltd to acquire the 85% Equity shares subject to approval of the term lending institutions. Earlier the Company Board has approved the acquisition of 15% Equity Shares of Jolly Brothers Pvt Ltd. By this acquisition, Jolly Brothers Pvt Ltd will become Wholly Owned Subsidiary of the Company.

Jolly Brothers Pvt Ltd is holding a Leasehold right for 66 acres in Kanjurmarg Commercial District Centre in Central Mumbai. The area has great potential to develop as major commercial district centre in lines of Nariman Point and Bandra Kurla Complex, strategically located having all the logistics facility and well connected with rail and road traffic. This acreage translates into a saleable space of approximately 70 lacs sq-ft.

Source : Equity Bulls

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