FMNL Plans For Integrated Warehouse In Maharashtra & Haryana
Future Market Networks Limited (FMNL) seeks to construct, develop and sell integrated large-scale warehouses at Jhajjar (Haryana) and Nagpur (Maharashtra) aggregating to 1.3 million square feet. Accordingly, FMNL has, along with Gati Realtors Private Limited (SPV-I) and Future Retail Destination Limited (SPV-2) (SPY I and 2 both are presently wholly owned subsidiaries ofFMNL), entered into a strategic arrangement with ESR NAGPUR I PTE LTD and ESR DELHI 3 PTE LTD (investor SPV's) respectively.
FMNL shall dilute its holding in its SPV's by way of sale of 51 % of its investment to respective Investor SPV's immediately upon execution of Transaction Documents. Upon completion of the Project and successful handover, FMNL shall exit f r om the respective SPV's by way of sale of balance 49% of its investment in the respective SPVs.