Swan Mills

With reference to news item appearing in a leading Web Portal "Swan Mills plans realty projects in Mumbai",

Realty in Mumbai:

The Company is developing its two properties in Mumbai in to Residential and Commercial complexes, the project date published are as per the projections except the remark which says, "He said 70 percent of the flat in Sewri project is completed" where as the actual discussion related to the approx 70 % area is sold till date in Sewri project.

Commercial Project in Ahmedabad:

The project is to acquire and redevelop an existing structure in the city of Ahmedabad where total commercial development of around 5 lacs salable sq. ft. is possible. The property has been acquired in the name of a SPV registered in Gujarat. The final projections are under preparation and expected to be finalized by and of this financial year. Once it is finalised, the necessary information shall be submitted to all the concerned authority.

Development in Goa:

The Company has entered in to an MOU to acquire approx 100 acre land in Goa from private owners to develop Special Sector - IT SEZ. However, the entire project is in the initial stage, once the acquisition process is completed, the Company will have a final projection for the development.

Textile Processing Unit:

The Company has acquired land in Ahmedabad with a plan to put up a Textile Fabric Processing unit. The project is under in house technical feasibility study considering with or without benefit of TUF and in the meanwhile, the Company has approached financial institutes for the necessary financial assistance. It is expected to have the final decision on this activity by and of this year.