Future Market Networks Updates On Warehouse Project
2019-01-30 Announcements Other Services National
Future Market Networks Limited to seek approval of members through postal ballot to sell and/or deal otherwise with equity share capital held by the Company in its 100% subsidiaries viz. Future Retail Destination Limited and Gati Realtors Private Limited. The said subsidiaries are special purpose vehicle companies of the Company for setting up large warehouse facilities at jhajjar, Haryana and Nagpur, Maharashtra respectively which in aggregate constitute approximately 1.3 million sq. ft. warehouse facility, expected to complete in 2019-20. The approval is intended to enable the Company for strategic exit at an appropriate time. The Board authorized the committee of Directors to do all such acts and deeds as may be required to seek the approval of the members by way of postal ballot including but not limited to finalization of the calendar of events, etc.