Board approves addendum to land MoU: consideration revised to ₹19.5 crore, timeline extended by a year
Board approves an addendum to the March 06, 2026 MoU with Elegant Floriculture & Agrotech (India) Ltd for the proposed purchase of about 49,100 square metres of agricultural land in Pune.
By ScoutQuest · · 2 min read
- Revised sale consideration
- ₹19.5 crore (raised from ₹18 crore)
- Advance already paid
- ~₹5.63 crore
- Land area / timeline
- ~49,100 sq metres; balance payment and completion extended by one year
What the board approved
The Board of Directors, at its meeting held on Friday, October 30, 2026 (commenced at 03:00 P.M and concluded at 06:45 P.M), approved the execution of an Addendum to the Memorandum of Understanding dated March 06, 2026 with M/s. Elegant Floriculture & Agrotech (India) Limited.
The MoU relates to the proposed acquisition of agricultural land at Gut No. 358, Village Mouje Kashal, Taluka Maval, District Pune, Maharashtra, admeasuring approximately 49,100 square metres. This is an amendment to an agreement already signed, not a fresh deal.
Revised money terms
- The total sale consideration has been revised from ₹18 crore (Rupees Eighteen Crore Only) to ₹19.5 crore (Rupees Nineteen Crore Fifty Lakh Only).
- The addendum acknowledges the aggregate advance payment of ~₹5.63 crore (Rupees Five Crore Sixty-Two Lakh Fifty Thousand Only) already paid by the company.
- The annexure to the update lists the size of the agreement as ₹19.5 crore.
Timeline
- The timelines for payment of the balance sale consideration and for completion of the transaction have been extended by a further period of one year.
- All other terms and conditions of the original MoU dated March 06, 2026 remain unchanged and in full force and effect.
Other points from the annexure
- The counterparty is Elegant Floriculture & Agrotech (India) Limited.
- The transaction would not fall within related party transactions, and the parties are not stated to be related to the promoter, promoter group or group companies.
- No shares are being issued as part of this arrangement, and no shareholding of the company in the counterparty is indicated.
How to read this
The update changes two things about a land purchase that is still described as proposed: the price payable has gone up, and the company now has an extra year to pay the balance and close the transaction. The advance already paid is a little over a quarter of the revised consideration. Investors can track progress against the extended payment and completion dates.
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More numbers
- Total sale consideration (revised)₹19,50,00,000
- Total sale consideration (original)₹18,00,00,000
- Aggregate advance payment already paid₹5,62,50,000
- Land area proposed to be acquired49,100 square metres
- Extension of payment and completion timelineone year
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