Fermenta Biotech Limited (Fermenta), one of the manufacturers of Vitamin D3, signed a binding term sheet with Mextech Property Developers LLP (Mextech) on January 31, 2022 for the balance development of its property in Thane, Maharashtra.

Share Market Live

NSE

Fermenta as part of its legacy properties owns freehold land in Thane, which was partially developed by construction of Thane One, an IT/ITES building. Fermenta has granted Mextech development rights by signing a binding term sheet for the construction of residential-cum-commercial buildings on the balance portion of land, the company said in a statement.

In exchange for this, Fermenta would receive affordable luxury residential flats on an area-sharing basis of 120,000 square feet RERA carpet area along with amenities, the company said.

The parties would sign the definitive agreement within 75 days of the execution of the binding term sheet, and the construction of residential-cum-commercial buildings is expected to be completed within 6 years of the signing of the definitive agreement, it added.

The key partners of Mextech are Anil Mutha, promoter of Nandivardhan Constructions Private Limited, a major real estate player in Thane and Mumbai, and Rajesh R Patel, promoter of RRC Ventures Private Limited

Prashant Nagre, Managing Director of Fermenta Biotech Limited said, “We are pleased to partner with reputed names in the construction industry for the balance development of our Thane property. As our partners with their experience and expertise will take complete responsibility for the development, this allows Fermenta to focus on the growth of its core nutrition business by enabling greater availability of management bandwidth and access to financial resources.”

In a joint statement, Anil Mutha and Rajesh R Patel 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."

First Published:Feb 1, 2022 6:38 PM IST