Gala Precision Engineering Ltd Signs MOU for Industrial Land Acquisition in Palghar Ahead of Capacity Expansion
Gala Precision Engineering Limited has entered into a Memorandum of Understanding (MOU) for the acquisition of industrial land, intended to support its long-term growth strategy and facilitate future capacity expansion. The land is located in Village Vardha, Taluka Wada, District Palghar, Maharashtra.The MOU outlines the terms for acquiring approximately 10.16 acres of industrial land. The total aggregate consideration agreed under the agreement is Rs. 9,00,00,000/- (Rupees Nine Crores Only). Gala Precision Engineering Limited has paid earnest money amounting to Rs. 11,99,000/- (Rupees Eleven Lakhs Ninety-Nine Thousand Only) as per the terms stipulated in the MOU.
The proposed acquisition is crucial for establishing new manufacturing facilities and enhancing operational capabilities. The land will be used for future capacity expansion, warehousing, utilities, ancillary operations, and other business requirements of Gala Precision Engineering Limited.
The Memorandum details the parties involved, with the sellers being Shri Dilipsingh Analsingh Hira, Shri Surendrasingh Analsingh Hira, Smt. Veena Kaur Pratapsingh Singh, Smt. Harjaskaur Amarjeetsingh Wadhawa, and Shri Prakash Singh Harisingh Hira, representing the legal heirs of the original land owners.
Key details regarding the proposed transaction are summarized below:
| Particulars | Details |
|---|---|
| Land Location | Village Vardha, Taluka Wada, District Palghar, Maharashtra |
| Land Size | Approximately 10.16 acres (Gut Nos. 25, 29/2, 33/3 and 33/5) |
| Total Consideration | Rs. 9,00,00,000/- |
| Earnest Money Paid | Rs. 11,99,000/- |
| Transaction Status | The transaction is not considered a related party transaction. |
The acquisition is subject to the completion of several conditions precedent. These include title verification, legal and technical due diligence, mutation or transmission formalities, securing required documents and approvals, and the execution and registration of the final sale deed. Possession of the land will be handed over upon the successful execution and registration of the definitive agreement.
The company stated that the MOU serves as a preliminary understanding, and the acquisition will be finalized only after all agreed conditions are fulfilled and necessary documents are executed.
GALAPREC Stock Price Movement
Gala Precision Engineering Limited shares surged today, closing at ₹920.8 after gaining 3.06%. The equity saw trading activity of 26,140 shares, having traded within an intraday range of ₹890 to a high of ₹933.95.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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