Megasoft Enters Joint Development Agreement (JDA) With The Salarpuria Sattva Group
2018-03-12 Business Deals / Tie-ups Construction Southern India
Megasoft Limited had announced that it is in the process of setting up a large IT facility in its property at Nanakramguda, Hyderabad (which was registered in the Company's favour in May 2015 by TSIIC through a conditional sale deed) with a new developer (Shareholder's approval through a postal ballot was obtained dated March 22, 2016). The company had filed for necessary Government approvals for its Joint Development Agreement (JDA) with the Salarpuria Sattva group. The company has received a conditional approval for this JDA from the Government of Telangana, Telangana State Industrial Infrastructure Corporation (TSIIC). Accordingly, as per the terms and conditions approved, the company has now finalized its IDA with the Salarpuria Sattva group and will receive & retain approximately 5 Lakh square feet as its net share (depending upon final FSI and municipal clearances) of the to-be-constructed Property. Assuming no project delays, the company's share of SFT is expected to accrue in three phases, starting from the end of year 2018 and finishing by mid of 2021. The proceeds of the same will help the company reduce/pay off its consolidated debts.