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

Thane (Maharashtra) [India], February 2 (ANI/PNN): 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 property through Mextech, whose key partners are Anil Mutha and Rajesh R Patel.
Anil Mutha is the Promoter of Nandivardhan Constructions Private Limited, a major real estate player in Thane and Mumbai. 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 Mextech and granted 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 on an area sharing basis aggregating to 120,000 square feet RERA carpet area along with 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.
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 development of 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 business by enabling greater availability of management bandwidth and access to financial resources."
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."
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."
Fermenta is one of the leading manufacturers of Vitamin D3 globally. Fermenta's manufacturing facilities in Kullu and Dahej are certificated by global accreditations and its world class R&D centre is located at Thane. Apart from Vitamin D3, Fermenta also possesses expertise in integrated biotechnology solutions such as enzymes for antibiotic synthesis and other niche APIs. Fermenta possesses legacy properties, freehold land in Thane, wherein it constructed an IT/ITES business park in 2015, called Thane One. The Thane One building has been conferred with the Indian Green Building Council Award for achieving LEED India Core & Shell Platinum Rating.For more information about the Company and its businesses, please visit our website www.fermentabiotech.com.
Anil Mutha, Promoter of Nandivardhan Constructions Private Limited, and Mr Rajesh R. Patel, promoter of RRC Ventures Private Limited, are partners of Mextech Property Developers LLP.
One of the most well-renowned real estate builders in Thane & Mumbai, the Nandivardhan Group has been the architect of numerous luxury projects. Since its inception, building & construction has been the group's core business. In the next three years, the group plans to complete construction of 1 million square feet and finish 8 projects in the coming five years. In Thane, it has completed seven residential towers, one residential-cum-commercial tower, exclusive bungalows and a residential project is currently underway. For more information, visit the company website www.nandivardhan.com .
RRC Ventures Pvt Ltd has delivered many premium projects for renowned developers in Mumbai Metropolitan Region. Leveraging its core skills, the RRC group's residential and commercial projects of about 1.5 million sq. ft. are under various stages of development. Few of the recently completed construction projects are One Hiranandani Park, Regent Hills and Neelkanth Regent. Development projects currently under progress include Charms Global City, RDC Woods, Konar Business Park and Legacy Park.
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