At meeting held on 15 January 2019
Indag Rubber announced that the Board of Directors of the company at its meeting held on 15 January 2019 has approved to enter into contract(s)/ arrangement(s)/ transaction(s) with Elcom Systems, a related party within the meaning of Section 2(76) of the Act and Regulation 2(1)(2c) of the Listing Regulations, for sublease of State-of-Art Maintenance, Repair and Overhaul (MRO) facility at Bhiwadi (Rajasthan) to be constructed in two phases with estimated capital cost of Rs 30 crore admeasuring 1,50,000 sq.ft. for a lease period of 9 years 6 months, with lock-in-period of 9 years from the financial year 2019-2020 and onwards on a monthly rent of Rs.36/- per sq.ft. (basic rent of Rs.20/- per sq.ft and rent premium of Rs.16/- per sq.ft) which shall be increased by 12% after every 3 years.Powered by Capital Market - Live News
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