Neuland Laboratories has entered into a Joint Development Agreement (JDA) with Phoenix Embassy Techno Zone (Developer) for development of the land owned by the company at Nanakramguda. The company has requested the developer to arrange for the sale of 0.12 million square feet out of the company’s share. To comply with its obligations under the JDA, the developer nominated Star Bio Products LLP and Premier IT Developers (Developer’s Nominees) to acquire the 0.12 million square feet out of the company’s share on terms that shall be agreed to between the Developer’s Nominees and the company.
Besides, the company has entered into a Supplementary Development Agreement (SDA) with the Developer and others to define, identify, demarcate, allot and allocate Leasable / Saleable Area between the parties in the project and record the commitment of Developer’s Nominees to acquire 0.12 million square feet out of the company’s share.
Neuland Laboratories manufactures active pharmaceutical ingredients for global pharmaceutical companies and provides end-to-end solutions for the pharmaceutical industry for chemistry-related services.