Godrej Industries Ltd has informed BSE that the Board of Directors of the Company, through a circular resolution on October 07, 2009, has approved a proposal to enter into a Memorandum of Understanding (MoU) with Godrej & Boyce Mfg. Co. Ltd. and Godrej Properties Ltd. for development of the property at Vikhroli.

The binding MoU provides for setting up of suitable Special Purpose Vehicle(s) to execute joint development of the property as also the commercial terms for such development including the sharing of costs and revenues/ profit. The MoU is subject to all the parties obtaining appropriate corporate and statutory permissions/consents to execute the definitive agreements inter-se and the Company obtaining appropriate shareholders’ approval.