"TCM Limited Set to Ink MOU for Land Development in Kalamassery, Ernakulam"

In an extraordinary meeting convened on Saturday, December 9, 2023, the Board of Directors at TCM Limited swiftly addressed and sanctioned critical decisions. The board, operating on short notice, deliberated and gave its approval for the Managing Director, Mr. Joseph Varghese, to execute a Memorandum of Understanding (MOU) on behalf of the company.

The MOU, to be signed with Asset Homes TCM Townships Pvt Ltd, outlines the collaborative effort for the development of TCM Limited's land located in Kalamassery, Ernakulam. Concurrently, the board greenlighted the acceptance of a loan totaling Rs. 25 Crore. Mr. Joseph Varghese is duly authorized to oversee these agreements, signifying a strategic move for TCM Limited's real estate venture.

In a bid to secure the loan and ensure compliance, the company will create a mortgage on its Mettur, Tamil Nadu property—a vast expanse encompassing 12.63 acres of land. This mortgage will serve as security until the Kalamassery land is rendered charge-free. The move underscores TCM Limited's proactive approach to financial arrangements and strategic partnerships, paving the way for significant developments in the Kalamassery region.

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