3M India , a prominent real estate developer, has announced the completion of its ambitious high-street retail project, 'M3M Route 65', in Gurugram. The project, which represents a significant investment of Rs 800 crore, is set to reshape the commercial landscape of the region.

Project Highlights

Project Overview

M3M India's latest venture, 'M3M Route 65', marks a significant milestone in the company's portfolio, representing their 10th retail project. The development showcases the company's commitment to expanding its presence in the commercial real estate sector, particularly in the thriving market of Gurugram.

Timeline and Operations

The project is entering its final stages, with the handover of retail spaces scheduled to commence this month. This phased approach allows businesses to begin setting up their operations gradually. M3M India anticipates that the entire project will be fully operational by March of the following year, giving tenants ample time to establish their presence.

Market Impact

The completion of 'M3M Route 65' is poised to have a significant impact on Gurugram's retail landscape. With 5.64 lakh square feet of commercial space becoming available, the project is likely to attract a diverse range of businesses, potentially boosting local employment and economic activity in the area.

As Gurugram continues to evolve as a major commercial hub, projects like 'M3M Route 65' play a crucial role in meeting the growing demand for high-quality retail spaces. The strategic location and substantial investment underscore the developer's confidence in the long-term potential of the region's commercial real estate market.

The successful completion of this project not only enhances M3M India's portfolio but also contributes to the ongoing transformation of Gurugram's urban landscape, offering new opportunities for businesses and consumers alike.

3M India Limited, a diversified technology company, has initiated a postal ballot process to seek shareholder approval on four crucial resolutions. The e-voting period is set from February 23 to March 24, 2021, with results to be announced on March 26, 2021.

Key Resolutions

Re-appointment of Independent Director

• Radhika Rajan is proposed for re-appointment as a Non-Executive Independent Director.
• The resolution seeks approval for a second five-year term, effective from May 27, 2021.

Appointment of New Director and CFO

• Mamata Janak Gore's appointment as Director and Whole-time Director & Chief Financial Officer is up for regularization.
• The proposed tenure is for three years, starting from September 1, 2020.
• Gore's remuneration as Whole-time Director is capped at Rs. 25.00 lakhs per month for the three-year period.

Appointment of New Director

• James Ernest Falteisek's appointment as Director is proposed for regularization.
• The appointment is effective from September 1, 2020.

E-Voting Process

Due to ongoing COVID-19 restrictions, 3M India has opted for an entirely electronic voting process. Shareholders are required to cast their votes through e-voting platforms, eschewing the traditional physical ballot system.

This move aligns with the company's commitment to maintaining corporate governance standards while ensuring the safety of its shareholders during the pandemic. The outcome of this postal ballot will shape the leadership structure of 3M India for the coming years, potentially influencing the company's strategic direction and operational efficiency.

Shareholders are encouraged to participate in this crucial decision-making process by exercising their voting rights before the March 24, 2021 deadline. The results of the postal ballot, to be declared on March 26, 2021, will be closely watched by investors and industry observers alike.