Century Textiles Makes a Landmark Deal: Acquires 10 Acres in Mumbai's Worli for Rs 1100 Crore
Century Textiles and Industries (CTIL) has acquired a 10-acre leasehold land parcel in Worli, Mumbai from Nusli Wadia for Rs 1,100 crore. The land will be developed through its wholly owned subsidiary, Birla Estates.
Century TextilesMumbaiWorliReal EstateBirla EstatesReal Estate MumbaiSep 10, 2024
The land parcel, which is located in one of the most sought-after areas in Mumbai, will be developed through CTIL's wholly owned subsidiary, Birla Estates. This development is expected to add an approximate booking value potential of Rs 14,000 crore to the company.
With this acquisition, CTIL's existing leasehold interest is merged with the ownership rights, paving the way for the development of the 30-acre landholding in this area. The overall booking value potential of this landholding is approximately Rs 28,000 crore, according to the company.
This deal is a significant milestone for CTIL, which is a part of the BK Birla Group of Companies. The company has a diversified business portfolio that includes textiles, cement, and real estate.
Information
Century Textiles and Industries (CTIL) is a leading Indian company with a diversified business portfolio. The company was founded in 1897 and is headquartered in Mumbai. CTIL is a part of the BK Birla Group of Companies, which is one of the largest business conglomerates in India.
Birla Estates is a wholly owned subsidiary of Century Textiles and Industries (CTIL). The company is engaged in the development of residential and commercial properties in India.
Frequently Asked Questions
Who has acquired the 10-acre land parcel in Worli, Mumbai?
Century Textiles and Industries (CTIL) has acquired the 10-acre land parcel in Worli, Mumbai.
How much did CTIL pay for the land parcel?
CTIL paid Rs 1,100 crore for the land parcel.
What is the expected booking value potential of the land parcel?
The expected booking value potential of the land parcel is approximately Rs 14,000 crore.
Who is the owner of the land parcel?
Nusli Wadia is the owner of the land parcel.
What is the name of CTIL's wholly owned subsidiary that will develop the land parcel?
Birla Estates is CTIL's wholly owned subsidiary that will develop the land parcel.
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