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Medi-Caps secures RERA nod on Medicaps Business Park project

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Medi-Caps received an approval of RERA (Real Estate Regulatory Authority) for its Medicaps Business Park project on 17 March 2022.
In 2020, Medi-Caps had announced that it would build a commercial complex in the name and style of Medicaps Business Park on the surplus land available admeasuring 87,479 sq. ft with construction of about 1,13,569 sq. ft.
Under this project Medi-Caps provided its surplus land while Tirupati Reality & Developers acted as a developer to construct the business park. Both the parties executed a joint venture agreement on 12 October 2020. The cost of the project stood at Rs 20 crore.
The net profit of Medi-Caps dropped 38.62% to Rs 2.05 crore in the quarter ended December 2021 as against Rs 3.34 crore during the previous quarter ended December 2020. Net sales declined 2.09% to Rs 17.78 crore in the quarter ended December 2021 as against Rs 18.16 crore during the previous quarter ended December 2020.
Medi-Caps, a flagship company of Medi-Caps Group, is a manufacturer of empty hard gelatin capsules in terms of manufacturing capacity as well as market capitalization in India, incorporated in 1986.
Shares of Medi-Caps slipped 1.28% to Rs 50.10 on BSE.
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First Published: Mar 25 2022 | 3:32 PM IST

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