Ansal Properties clarifies on news item regarding UP township project

With reference to the news item appearing in leading financial daily titled "Ansal strikes 2,500 acre deal for UP township project", Ansal Properties & Infrastructure Ltd has clarified as under:

1. The Company along with Uttam Galva Steels Ltd and other members of a consortium had applied in 2004 for development of a Hi-Tech Township in Dadri (near Delhi) under Hi-Tech Township Policy 2003 of the U P Govt.

2. AWAS BANDHU (UP Govt.) vide its letter dated November 29, 2006 has informed that High Power Committee have found the consortium suitable and selected the consortium for development of the Hi-Tech Township of app. 2500 acres in Dadri (NCR area), Distt. Gautam Budh Nagar. This is to be followed by signing a MOU with Competent Authority namely Ghaziabad Development Authority in the prescribed form. The consortium has already submitted the MOU to Ghaziabad Development Authority for signing thereof. After signing of MOU, Company needs to take further steps in this regard like submission and approval of Detailed Project Report, submission and approval of detailed layout, compliance of other obligations as provided in the MOU and execution of Development Agreement.

Upon signing of MOU with Ghaziabad Development Authority, the Company will forthwith inform the details about the project as well as the consortium.

Source : Equity Bulls

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