| CG Power & Industrial Solutions has signed a Term Sheet with M/s. K Raheja Corp. Group Company (Developer) for the joint development of the Company's Property ‘CG House' situated at Dr. Annie Besant Road, Worli, Mumbai, built on leasehold land.
The Term Sheet inter alia includes the following:
1. The Developer will be granted development rights by the Company to develop the said land (admeasuring 4262.34 square meters) by demolishing the existing structure and thereafter constructing thereon one or more building/s, as permissible under the guidelines and further to be elaborated under the Development Agreement. The Development Agreement is expected to be signed within 45 days of
the execution of the Term Sheet or such extended period as may be agreed.
2. The Company and the Developer will be entitled to 50% share of the leasehold right and the developed building. The statutory charges/cost will be borne by the Company and the Developer as agreed in the
signed Term Sheet.
3. The project is expected to be completed over 5 years from the date of execution of the Development Agreement, subject to the receipt of necessary approvals. |