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Standard Industries agrees to terminate term sheet with Peninsula Mega

20 Oct 2012 Evaluate

Standard Industries and Peninsula Mega City Development (Peninsula Mega) have mutually agreed to terminate the term sheet and thus the term sheet stands forthwith terminated, cancelled and revoked. Pursuant to termination of term sheet the company will refund, without interest, the sum of Rs 11.00 crore, received from Peninsula Mega as advance at the time of execution of the term sheet.

The board of the company at its meeting held on October 19, 2012 has approved for the same after evaluating the progress of the said term sheet and its extensions from time to time.

Last year in June, Standard Industries had entered into a term sheet with Peninsula Mega for development of approximately 62.25 acres of the company’s leasehold land located at TTC Industrial Area, Thane Belapur Road in Navi Mumbai.

Standard Industries is into the business of textiles apparels and chemicals. The textile and apparel division is engaged in manufacturing cotton, polyester, yarn and other fabrics and mens and womens readymade garment clothing.

Standard Inds Share Price

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