We have recently diversified our business into the real estate development
sector. Our proposed township project is the first real estate development project
undertaken by us and is in its preliminary stages of planning and development. We
are in the process of acquiring land in Mauje Taje and Mauje Pimploli Taluka in
Pune district in the State of Maharashtra in India on which we propose to develop
an integrated township. We intend to develop residential and commercial projects
and have engaged Stup Design Forum in association with Stup Consultants Private
Limited in connection with the development of the proposed township project.
Currently, our Land Reserves consist of approximately 1200 acres of land Mauje
Taje and Mauje Pimploli Taluka in Pune district, and we are intend to acquire an
additional approximately 200 acres of land for our proposed township project. In
connection with our proposed township project, we are in process of obtaining various
permits, licenses and other regulatory approvals Our Land Reserves consist of agricultural
lands and we are in process of obtaining the relevant certificates from the relevant
regulatory authorities for the conversion of such agricultural land for purposes
of our township project.