In March 2016, IGC completed a settlement with Sricon exchanging its 22% minority interest in Sricon for 5 acres of prime land in Nagpur, India and beneficially registered the land in its name on March 4, 2016.
The land is located a few miles from MIHAN, which is the largest development zone in terms of investment in India. It is expected to be the largest cargo hub, integrated with roads and rails, that is projected to stimulate significant job creation and investment opportunities. MIHAN is located in the city of Nagpur, the third largest city of the Indian state of Maharashtra after Mumbai and Pune. Nagpur has one of the highest literacy rates of 91.92% among all the urban agglomerations in India and is one of the proposed "Smart Cities" in Maharashtra.
Over the next several years, IGC expects rapid infrastructure development in and around MIHAN. Our team in the recently acquired Cabaran Ultima, with expertise in the design and management of commercial property, is assessing the feasibility of developing the land into valuable commercial property that can unlock greater value in these assets.