Allcargo Terminals Executes Term Sheet for Land Lease in Chennai for Capacity Expansion

Allcargo Terminals Limited has executed a Term Sheet to enter into a lease agreement for a land parcel of approximately 30 acres at Chennai. The purpose of the agreement is to evaluate capacity expansion. The annual lease rental is Rs. 9 crores with a 15% escalation rate every three years. The executed term sheet is valid for 60 days or until the execution of the Lease Agreement. The agreement does not involve any related parties and does not fall under related party transactions.