Forbes & Company Ltd has informed BSE that a Consortium of the Companies, that includes Forbes & Company Ltd has received a Letter of Intent issued by Gujarat Maritime Board, Gandhinagar, Gujarat, granting the right to develop Simar Port for commercial use on ‘Build - Own - Operate - Transfer’ basis.

The Companies in the Consortium are -

1. Shapoorji Pallonji & Co. Ltd - Lead Promoter

2. Afcons Infrastructure Ltd

3. Forbes & Company Ltd (Formerly known as Forbes Gokak Ltd)

As per the conditions of the Letter of Intent the Lead Promoter has to prepare and submit a detailed Project Report within 12 months of issue of the Letter of Intent and obtain all environment clearances, coastal regulation zone clearances and effective financial closure and all such. other clearances and permissions within 18 months of issue of the Letter of Intent.