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Clarification on Press Release August 10 2021 “TPT Global Tech, Inc. Signs An Exclusive Joint Venture Formation Agreement With UM Power Limited (UM Group) Of India To Design, Develop and Operate a Multi-Billion Dollar Private Industrial Park in The Stat
Clarification on Press Release August 10 2021 “TPT Global Tech, Inc. Signs An Exclusive Joint Venture Formation Agreement With UM Power Limited (UM Group) Of India To Design, Develop and Operate a Multi-Billion Dollar Private Industrial Park in The Stat.
About this update from Tpt Global Tech, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / August 11, 2021 / TPT Global Tech, Inc. ("TPTW or TPT Global Tech") (OTCQB:TPTW) www.tptglobaltech.com Issues a Clarification on Press Release August 10 2021 headquartered in San Diego, California, technology-based company with divisions providing telecommunications, medical technology, media content for domestic and international syndication as well as technology solutions, today announced it is in a Joint Venture discussion with UM Power Limited (UM Group) in India to jointly design, develop and operate a Private Industrial Park located in the State of Uttar Pradesh. The parties have executed a joint venture formation agreement and the relationship of the parties under this JV Formation Agreement is intended to be exclusive while both parties will ensure that the definitive agreements along with SPV formation are completed within three to six months by which time both parties would have a better understanding of the overall valuation of the Industrial Park and other government approvals that will be required for the execution of the Industrial Park. TPT Global Tech's responsibilities under the JV Formation Agreement include, among others, its intent to contribute by way of large investment by itself or through its global investors of up to US$100M, bring in technology partners and large OEMs from the US and other global markets and support with marketing and business development activities in general. The JV formation agreement shall remain valid for a period of five years.UM Power Limited (a UM Group Company) has acquired a large land parcel of approx. 380-acres at Auraiya in the State of Uttar Pradesh in India. The land parcel is strategically located in an industrial corridor that provides immediate access to freeways, airports, ports, and a railway track extended up to the land parcel, along with access to power supply, water canal and gas supply. UM Power Limited has invested approx. US$ 25 Mn to develop the basic infrastructure in the land parcel. Additionally, the State Government intends to spend approx. US$ 23 Mn in developing the infrastructure such as power, transportation, water etc. around the land by ensuring reliable access to logistics, power supply, water supply and gas supply facilities.UM Group (a conglomerate of Power and Automobile Sector) which is a US$ 250 Mn techno...