Prince Pipes and Fittings Limited (PPF}, one of India's largest integrated piping solutions & multi polymer manufacturer with six strategically located plants across the country, has confirmed the receipt of Rs. 26.10 crore from Prince Marketing(Promoter group entity).
PPF had remitted an advance amount of Rs. 40 crore to Prince Marketing for the purchase of immovable property at the 8th floor of The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai - 400028. The conveyance of the immovable property between the Company (PPF) and Prince Marketing, had not been completed. Accordingly, PPF and Prince Marketing entered into an agreement to record the terms of repayment of the advance amount. In the month of January, 2021 the first major tranche of the advance payment of Rs. 26.10 crore has been received by PPF.
Mr. Parag Chheda, Joint Managing Director, Prince Pipes and Fittings Limited, said, "The management decided to accept the amount from Prince Marketing and has received the first major tranche of the total amount. This will support PPF's balance sheet, which has been our key focus."