Board grants in-principle approval to develop IT Park at Dombivli MIDC with joint developers
Board of Directors has given in-principle approval for development of the company's IT Park at Dombivli, MIDC.
By ScoutQuest · · 2 min read
- Board Approval
- in-principle approval for development of the company's IT Park at Dombivli, MIDC
- Board Meeting Date
- Friday, October 23, 2026
- Meeting Timings
- commenced at 04:00 p.m. and concluded at 04:40 p.m.
What the Board approved
The Board of Directors, at its meeting held on Friday, October 23, 2026, accorded in-principle approval for the development of the IT Park situated at the company's premises at Dombivli, MIDC.
The route approved is to develop the IT Park by appointing Developers and entering into an appropriate agreement with them, on such terms and conditions as may be mutually agreed upon between the company and the Joint Developers.
- The property involved is an IT Park at Dombivli, MIDC
- Development is to be done through appointed Developers / Joint Developers
- An agreement with the developers is proposed, on mutually agreed terms
What stage this is at
This is an in-principle approval from the Board. It sets the direction — develop the IT Park using developers — and authorises the company to go ahead and put an agreement in place. The appointment of the developers and the signing of the agreement are steps that follow.
The update does not set out any commercial terms of the proposed arrangement — no project cost, no developer share, no revenue or lease structure, and no completion timeline. The Board has also stated that further disclosures will be made to the stock exchanges as and when material developments take place in this regard.
Why a reader may find it relevant
The company owns an IT Park premises at Dombivli, MIDC. A Board decision to bring in developers to build it out signals movement on that asset. For a shareholder, the meaningful details — how the project is funded, what the company gets from it, and when it is completed — would come through the agreement and later disclosures rather than this notice.
Key points to keep in mind
- The approval is in-principle; the developer appointment and the agreement are yet to be executed
- The terms are described as those mutually agreed between the company and the Joint Developers
- No figures on cost, area, revenue, or timeline appear in this intimation
- The company has committed to disclosing material developments as they occur
Meeting details
The Board meeting commenced at 04:00 p.m. and concluded at 04:40 p.m. The intimation has been marked to BSE Limited (Scrip Code: 540717) and Metropolitan Stock Exchange of India Limited (Symbol: PQIF).
Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.