The Board of Directors of Finolex Industries has approved the proposal for transfer of company's leasehold rights in the MIDC land admeasuring approximately 70 acres along with the structures standing thereon located at D-1 / 10, M.I.D.C, Chinchwad, Pune - 411 01 9 subject to necessary due diligence, approvals, consents, permissions from the concerned authorities including MIDC to one or more parties in part, piecemea l or in full for a total consideration not less than Rs. 725 crore  to be received in one or more tranches.

The board also authorised the company officials to represent the company to deal and execute, sign memorandum of u nderstanding, definitive agreements, documents, deeds with the proposed buyer (s) and to do all such acts, deeds, things etc. in order to give effect to the aforesaid subject matter.

Accordingly, the company intends to complete the aforesaid transaction(s) which shall be subject to signing of definitive agreements between the parties and necessary regulatory and statutory approvals, if any.

The company shall make the necessary intimation as and when all transaction(s) for entire 70 acres are fully completed. The proposed buyers will be third-party buyer(s) and not belong to the Promoter / Promoter Group / Group companies and the proposed transaction(s) will not fall under the ambit of Related Party Transactions.