Hindalco Sells Kalwa Land to Ekamaya Properties for Rs.595 Crore
Real Estate

Hindalco Sells Kalwa Land to Ekamaya Properties for Rs.595 Crore

Hindalco Industries announced its decision to sell a land parcel located at Kalwa, Maharashtra, to Ekamaya Properties Pvt Ltd, a wholly-owned subsidiary of Birla Estates Pvt Ltd, for ?5.95 billion. This update follows the company's earlier disclosure on July 12, 2023, where the Board of Directors had sanctioned the sale of the land to Birla Estates Private Ltd.

"The aforesaid transaction shall now be entered into with Ekamaya Properties Pvt Ltd, a wholly-owned subsidiary of Birla Estates Pvt Ltd (instead of Birla Estates Pvt Ltd)," Hindalco Industries stated in a regulatory filing.

The completion of this transaction is contingent upon the signing of definitive documents, fulfillment of customary closing conditions, and receipt of necessary regulatory approvals.

Hindalco Industries, a prominent player in the aluminium sector, operates across the entire value chain, from bauxite mining and alumina refining to aluminium smelting and production of downstream products. Together with its subsidiary Novelis, Hindalco is the global leader in flat-rolled aluminium products and the world's largest recycler of aluminium.

This strategic sale aligns with Hindalco's focus on optimizing its asset portfolio and capitalizing on opportunities for growth and efficiency within its core operations. The transaction underscores the company's commitment to generating value for its stakeholders while reinforcing its leadership position in the industry.

Hindalco Industries announced its decision to sell a land parcel located at Kalwa, Maharashtra, to Ekamaya Properties Pvt Ltd, a wholly-owned subsidiary of Birla Estates Pvt Ltd, for ?5.95 billion. This update follows the company's earlier disclosure on July 12, 2023, where the Board of Directors had sanctioned the sale of the land to Birla Estates Private Ltd. The aforesaid transaction shall now be entered into with Ekamaya Properties Pvt Ltd, a wholly-owned subsidiary of Birla Estates Pvt Ltd (instead of Birla Estates Pvt Ltd), Hindalco Industries stated in a regulatory filing. The completion of this transaction is contingent upon the signing of definitive documents, fulfillment of customary closing conditions, and receipt of necessary regulatory approvals. Hindalco Industries, a prominent player in the aluminium sector, operates across the entire value chain, from bauxite mining and alumina refining to aluminium smelting and production of downstream products. Together with its subsidiary Novelis, Hindalco is the global leader in flat-rolled aluminium products and the world's largest recycler of aluminium. This strategic sale aligns with Hindalco's focus on optimizing its asset portfolio and capitalizing on opportunities for growth and efficiency within its core operations. The transaction underscores the company's commitment to generating value for its stakeholders while reinforcing its leadership position in the industry.

Next Story
Technology

We’re building robots that flow, not just move

Founded in 2021, Flo Mobility is reimagining construction automation with vision-AI robots designed for seamless movement through complex sites. In conversation with CW, Manesh Jain, Founder & CEO, discusses the company’s origin, its LiDAR-free tech stack, and expansion plans in the Middle East and US.What inspired the name Flo Mobility? Why ‘Flo’ and not ‘Flow’?When we started the company in 2021, our focus was on building autonomous navigation systems for robots. Since our work centred around robot movement, ‘mobility’ naturally became part of the name. We wanted to co..

Next Story
Real Estate

We’re committed to setting benchmarks in sustainable luxury living

From a landmark land acquisition in Boisar to ambitious launches across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune, Birla Estates is driving future-ready growth with a strong focus on sustainability, partnerships and premium living, firmly anchored in its LifeDesigned® philosophy. K T Jithendran, Managing Director & CEO, outlines the company’s premium, sustainable growth playbook in conversation with PRATAP PADODE, Editor-in-Chief, CW. Excerpts:Birla Estates recently acquired a 70.92-acre land parcel in Boisar, Maharashtra, for..

Next Story
Infrastructure Urban

Mumbai’s land crunch and ageing homes call for structured renewal

Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to r..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?