Birla Estates (BEPL), a wholly owned subsidiary of Century Textiles and Industries (CTIL), has bought a land parcel situated at Kalwa, Thane from Hindalco Industries (HIL) for Rs 595 crore.

"...the board of directors has approved the proposal to acquire the land parcel situated at Kalwa, Thane, Maharashtra from Hindalco Industries (HIL) for a total consideration of about Rs. 595 crore to be paid over a period of time in multiple tranches and 1.5% of the sales revenue," CTIL said in the regulatory filing.

The expected date of completion of the sale is 15 months.

The definitive documents are yet to be signed. The transaction is subject to the signing of definitive documents, completion of customary closing conditions under the definitive documents and receipt of regulatory approvals.