At Jhajjar (Haryana) and Nagpur (Maharashtra)
Future Market Networks (FMNL) has plans to construct, develop and sell integrated large-scale warehouses at Jhajjar (Haryana) and Nagpur (Maharashtra) aggregating to 1.3 million square feet.Accordingly, the company has along with its subsidiaries, Gati Realtors (SPV 1) and Future Retail Destination (SPV 2) has entered into arrangement with ESR NAGPUR I and ESR DELHI 3 (investor SPV's) respectively.
FMNL shall dilute its holding in its SPV's by way of sale of 51% of its investment to respective Investor SPV's immediately upon execution of Transaction Documents. Upon completion of the Project and successful handover, FMNL shall exit from the respective SPY's by way of sale of balance 49% of its investment in the respective SPVs.
The sale of the entire stake is expected to be completed by October 2020 and is expected to garner Rs 39.05 crore. The total transaction value under this arrangement is estimated at Rs 320 crore including construction cost.
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