Tirupati Foam Sells Surplus Land for ₹30 Cr

Tirupati Foam Limited announced the approval by its Board of Directors for the sale of surplus land and a building located at Plot No. 5, Echotech I, Extension Greater Noida Industrial Area. The transaction, valued at not less than ₹30 Crore based on a valuation report, involves approximately 9325 Sq. Meters of land. The sale is not expected to impact the company's business operations as minimal operations were carried out on the property. The purchaser, Neumann Components Pvt Ltd, is an independent party, and the transaction does not constitute a related party transaction or fall under the ambit of Section 180(1)(a) of the Companies Act, 2013. The sale completion is expected within six months, subject to shareholder approval at the upcoming 39th Annual General Meeting.