The Board of Directors has approved acceptance of MIDC's offer letters dated 15th October 2026 for Plot Nos. C-1/1 and C-1 at Butibori Ph-2 Industrial Area, Nagpur, Maharashtra.
Land Details
The company will acquire leasehold industrial land with total area of approximately 301,594.64 square meters:
- Plot No. C-1/1: 156,164.64 square meters
- Plot No. C-1: 145,430.00 square meters
Transaction Details
- Lessor: Maharashtra Industrial Development Corporation (MIDC), a Government of Maharashtra Undertaking, Regional Office, Nagpur
- Purpose: Allotment of leasehold industrial land for carrying on the activity of manufacture of NdFeB permanent magnets
- Specific Facility: 5,000 MTPA (Metric Tons Per Annum) Neodymium-Iron-Boron (NdFeB) permanent magnet manufacturing facility
- Consideration: Total land premium of ₹66,35,08,208
- Earnest Money Deposit: ₹16,58,77,053 (25% of total premium)
Financial Breakdown
| Particulars | Plot No. C-1/1 | Plot No. C-1 | Total |
| MIDC Offer Letter No. | MIDC/RO NAGPUR/Butibori Ph-2/LMS 118 | MIDC/RO NAGPUR/Butibori Ph-2/LMS 117 | - |
| Area (sq. mtrs.) | 156,164.64 | 145,430.00 | 301,594.64 |
| Rate of Premium (₹ per sq. mtr.) | 2,200 | 2,200 | - |
| Total Land Premium (₹) | 34,35,62,208 | 31,99,46,000 | 66,35,08,208 |
| Earnest Money Deposit, 25% (₹) | 8,58,90,553 | 7,99,86,500 | 16,58,77,053 |
Corporate Governance Aspects
- Shareholding in MIDC: Nil
- Related Party Transaction: No, the transaction does not fall within related party transactions
- Scheme of Arrangement: The acquisition is outside any Scheme of Arrangement and not part of a Scheme of Arrangement
- Promoter Connection: None of the parties belong to the promoter/promoter group/group companies
- No Share Issuance: Not applicable, as no shares are issued for the transaction
The disclosure was signed by Bhamini Prabhat, Company Secretary & Compliance Officer (Membership No. A69664) on 30th October 2026.