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Pitti Engineering Limited has announced a board meeting to consider a proposed related party transaction involving the purchase of approximately 5 acres and 29 guntas of land from Shri Sharad B Pitti, the company's Promoter and Founder Chairman, for a total consideration not exceeding ₹27 crore (plus applicable taxes and fees). This acquisition is expected to enhance operational stability by consolidating land control and reducing reliance on leasing agreements, thereby minimizing risks associated with lease disputes and market fluctuations.
Independent valuations indicated the land's worth between ₹27.30 crore and ₹31.99 crore, making the agreed price advantageous. This strategic move could foster investor confidence due to the company's commitment to securing its operational base.