Godrej Industries, leading chemicals manufacturer and exporter of chemicals products, has entered into a memorandum of understanding (MoU) with Godrej & Boyce Mfg Co and Godrej Properties for development of the property at Vikhroli.
The company board also approved the proposal of the aforementioned MoU.
The binding MoU provides for setting up of suitable special purpose vehicle(s) to execute joint development of the property as also the commercial terms for such development including the sharing of costs and revenues/ profit.
The MoU is subject to all the parties obtaining appropriate corporate and statutory permissions/consents to execute the definitive agreements inter-se and the company obtaining appropriate shareholders’ approval.