Deals20 Aug 2026, 01:22 pm
Novelix Pharmaceuticals Leases Land for Micro Algae Cultivation
AI Summary
Novelix Pharmaceuticals Ltd has executed a 5-year land lease deed for 37 Guntas (approx. 0.925 Acres) in Siddipet District, Telangana. The land will be used to establish facilities for Micro Algae Cultivation and installation of Glass Reactor Systems. The lease commences on August 19, 2026, with a monthly rent of ₹5000 plus taxes, increasing by 5% every three years. The lessor, Mr. Gnana Prakash Gattu, is a non-executive director and belongs to the promoter group, with the transaction conducted at arm's length.
Key Highlights
- Leased 0.925 acres for 5 years for algae cultivation facilities.
- Lease commences August 19, 2026, with monthly rent of ₹5000+taxes.
- Lessor is a promoter group non-executive director; transaction at arm's length.
- Rationale is to establish micro algae cultivation and glass reactor systems.
Price Impact
More from NOVELIX