BOC to develop property at Hyderabad

BOC India Ltd has informed that the Company has entered into a Development Agreement with a developer in respect of its property comprising land and building situated at Sanathnagar, Hyderabad. Based on the Agreement, the Company will receive as consideration 25% of the total area that is proposed to be developed/constructed. The Company has in terms of the Agreement encashed 80% of the area receivable as consideration through a separate Agreement with the builder for Rs 62.22 crores, which has since been received in full. As per the Agreement, the Company has the option to encash the balance 20% of the area receivable as consideration before March 30, 2008.