Autoline Industries update on agreement for land development

Autoline Industries announced that an agreement was entered between the Company, its subsidiary company Autoline Industrial Parks (AIPL) and Poddar Habitat, a subsidiary of Poddar Housing and Development (Developer) on 24 September 2018 to build an affordable housing project on land parcel admeasuring 102.50 Acres of AIPL, the said Agreement has been cancelled by the parties mutually on 21 December 2020 on account of veritable stalemate is created amongst the parties.

The subsidiary company is in discussion with other prospective buyers/investors for development of commercial projects on the land.

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