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Board of Forbes approves signing of MoU for sale of Chandivali land for Rs 200 cr

The Board of Forbes & Company at its meeting held on 22 December 2020 has approved entering into Memorandum of Understanding (MOU) with GPX India (GPX) and Equinix India (Equinix) (upon Equinix exercising its right of substitution/step in) (together the ‘Purchaser’) for sale of approximately 3.804 acres of land at Chandivali for a consideration of Rs. 200 crores (Proposed Transaction).

The MOU is terminable at the option of GPX. The Agreement for Sale is expected to be executed by 31 January 2021 and the completion of the Proposed Transaction subject to due diligence, execution of definitive documents, fulfilment of various condition precedents, is expected to be completed in March’ 2021.

GPX and Equinix are not related parties to the Promoters/Promoter Group/Group Companies of the Company and the Proposed Transaction is not a related party transaction. There will be no change in shareholding of the Company as part of the Proposed Transaction.

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Source: https: //www .business-standard.com /article/news -cm/board-of-forbes-company-approves-signing-of-mou-for-sale-of-land-for-rs-200-cr-120122300321_1.html

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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