Indag Rubber updates on commencement of lease agreement for MRO Facility at Bhiwadi

The Company has earlier announced about the leasing of MRO Facility at Bhiwadi to Elcom Systems Pvt. Limited to be constructed in two phases.

Nov 25, 2021 11:11 IST India Infoline News Service

Indag Rubber Ltd has informed to the exchanges regarding commencement of lease agreement for MRO facility at Bhiwadi.

The Company has earlier announced about the leasing of MRO Facility at Bhiwadi to Elcom Systems Pvt. Limited to be constructed in two phases, on monthly rent of Rs36 psf which shall be increased by 12% after every 3 years, for a lease period of 9 years and 6 months, (lock -in period of 9 years).

Due to ongoing COVID 19 pandemic and delay in completion of Civil Work for construction and setting up of MRO facility at Bhiwadi, Rajasthan, both the parties had mutually agreed on November 23, 2021 that the lease period of 9 years and 6 months shall commence w.e.f September 01, 2021 for a monthly rent of Rs. 36 psf on total area of 102640 sq. ft constructed under phase I.

At around 11:04 AM, Indag Rubber was trading at Rs78.60 apiece down by Rs1.25 or 1.57% on Sensex.

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