Manali Petrochemical Ltd. Executes MOU with Fermenta Biotech Limited for Lease Rights of 40,000 sqm Premises in Gujarat for Rs. 18.7 Crores

Manali Petrochemical Ltd. has executed a Memorandum of Understanding (MOU) with Fermenta Biotech Limited (FBL) to acquire lease and related rights of FBL on the leased premises situated at Saykha Industrial Estate, Gujarat, admeasuring at an extent of 40,000 sqm. The consideration for this transaction is Rs. 18,70,00,000/- (Rupees Eighteen Crore Seventy Lakhs Only). This acquisition is subject to the execution of further definitive agreements and approval of Gujarat Industrial Development Corporation. The company confirmed that none of the promoters, promoter group, or group companies are related or interested in this transaction. Manali Petrochemical Ltd. will keep the stock exchanges informed about further developments as applicable in line with SEBI Listing Regulations, 2015.