Based on the approval of the Audit Committee and subject to requisite approvals sanctions and permissions as may be required in this regard, the Board of Directors have approved the sale of unused vacant land property admeasuring 8 acres (approx) situated at Gangaikondan, Tirunelveli District to Arva Storage Solutions Private Limited, a related party (non material) on an arm's length basis for cash consideration not less than the prevailing market price and on such other terms as may be mutually agreed in the best interest of the Copany.