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

16 Jul 2024 CW Team

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.

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