ECE Industries Ltd

ECE Industries Ltd has informed that agreements have been entered into with parties to develop Company's land admeasuring 56730.57 sq. meters at Sanathnagar, Hyderabad and to construct and sell houses thereon for weaker section of the society as per the policy of Government of Andhra Pradesh. This piece of land was notified by the State Government for construction of dwelling houses for the weaker section of the society.

From the above arrangement, the Company will receive a total amount of Rs 30.22 Crores. The Company has already received a sum of Rs 13.50 Crores and the balance amount of Rs 16.72 Crores will be received spread over a period of 13 months. On completion of the project, the Company will further receive approx. Rs 28 Lacs towards the value of land calculated in accordance with the terms and conditions contained in Urban Land (Ceiling and Regulation) Act, 1976 read with Schedule 1A thereof.