Fermenta Biotech Limited and Mextech Property Developers LLP (incorporated by promoters of Nandivardhan Group and RRC Ventures Pvt. Ltd.) sign Binding Term Sheet for Real Estate Development

Fermenta’s Thane property to be developed for construction of residential-cum-commercial buildings 

Thane, January 31, 2022 : Fermenta Biotech Limited (‘Fermenta’)announced that it has signed a Binding Term Sheet today with Mextech Property Developers LLP (‘Mextech’) for the balance development of its Thane propertythrough Mextech, whose key partners are Mr Anil Mutha and Mr Rajesh R. Patel. Mr Anil Mutha is the Promoter of Nandivardhan Constructions Private Limited, a major real estate player in Thane and Mumbai. Mr Rajesh R. Patel is the Promoter of RRC Ventures Private Limited which is one of the top construction service providers in India.

Fermenta owns, as a part of its legacy properties, freehold land in Thane which was partly developed by constructing Thane One,an IT/ITES Building. Fermenta has now signed a Binding Term Sheet with Mextechandgranted the development rights to Mextech for construction of residential-cum-commercial buildings (‘Property”) in the balance portion of Land. In lieu of this Fermenta would receive affordable luxury residential flats onan area sharing basisaggregating to 120,000 square feet RERA carpet area alongwith amenities in the Property. Within 75 days of the execution of the Binding Term Sheet, the parties would sign the Definitive Agreement and the Property is expected to be constructed within 6 years of signing the Definitive Agreement.

Mr.Prashant Nagre, Managing Director of Fermenta Biotech Limited, commented on the alliance:

“We are pleased to partner with reputed names in the industry for the balance developmentof our Thane property. As our partners with their experience and expertise will take complete responsibility of the development,this allows Fermenta to focus on the growth of its core nutrition businessby enablinggreater availability of management bandwidth and access to financial resources.”

Mr. Anil Mutha, Promoter of Nandivardhan Constructions Private Limited, said: “We are pleased to partner with Fermenta, an organization of long-standing repute, for the development of its property in Thane, where Nandivardhan has successfully architected multiple residential towers. With the current project’s proximity to the upcoming metro, we expect this to become a prime location for the residential as well as commercial space.”

Mr. Rajesh R. Patel, Promoter of RRC Ventures Private Limited, said: “Thane One has redefined the corporate landscape in Thane, with its green ambience and environmentally conscious facilities. With our experience in high quality development, our constructions would be complementary to the aesthetics of the existing building.”

Corporate comm India (CCI Newswire)