Modern India Limited (BSE:503015) intend to acquire the remaining 49% stake in Modern India Free Trade Warehousing Private Limited on August 24, 2018. Modern India Limited agreed to acquire the remaining 49% stake in Modern India Free Trade Warehousing Private Limited for INR 0.9 million on September 3, 2018. The consideration shall be paid in cash. Under the terms of the transaction, Modern India Limited will acquire 0.0245 million shares of Modern India Free Trade Warehousing Private Limited at the price of INR 36.58 per share. Upon completion, Modern India Free Trade Warehousing Private Limited will become a wholly-owned subsidiary of Modern India Limited. For the year ended March 31, 2018, Modern India Free Trade Warehousing reported revenue of INR 0.02 million. The transaction is subject to approval from the Board of Directors of Modern India Limited in a meeting to be held on September 3, 2018. The deal is subject to necessary permissions and approvals of respective authorities and compliance of necessary procedures. As on September 3, 2018, the transaction was approved by the Board of Directors. The transaction is expected to be completed in one month. Modern India Limited (BSE:503015) completed the acquisition of remaining 49% stake in Modern India Free Trade Warehousing Private Limited on September 26, 2018. Upon completion, Modern India Free Trade Warehousing Private Limited became a wholly-owned subsidiary of Modern India Limited.