Bonlon Industries to purchase land and building at RIICO Industrial Area, Chopanki

Initially this property was to be sold by B.C. Power Controls Limited to Harshit Finvest Private Limited.

Nov 26, 2021 02:11 IST India Infoline News Service

Business Graph
Bonlon Industries Ltd has executed an agreement to purchase the land and building of M/s B.C. Power Controls Limited, situated at E-424, RIICO Industrial Area, Chopanki, Bhiwadi, Dist. Alwar Rajasthan-301017 on November 18, 2021.

According to the regulatory filing, initially this property was to be sold by M/s B.C. Power Controls Limited to M/s Harshit Finvest Private Limited.

But due to rules and regulations of Rajasthan State Industrial Development and Investment Corporation "RIICO", the leasehold rights of the property could not be transferred to M/s Harshit Finvest Private Limited as it is a Non-Banking Finance Company registered with Reserve Bank of India.

Therefore M/s Harshit Finvest Private Limited approached the company to purchase the said land and building if it is interested and then the Board of the Company considered the matter in their meeting held on 13th November 2021 and approved to purchase the said land and building.

M/s B.C. Power Controls Limited has also agreed for this transaction. Consequently, M/s Bonlon Industries Limited has entered into an agreement to purchase the aforesaid land and building and on 19th November 2021 full payment of Rs. 5,04,90,000/- (after deduction of TDS Rs. 5.10 Lac) have been made to M/s B.C. Power Controls Limited and possession of the property has been taken by the Company.

On Sensex, at around 2:11 PM, Bonlon Industries was trading at Rs20.50 per piece down by 4.65%.

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