Hindalco Industries to Divest Land Parcel to Ekamaya Properties for Rs 595 Crore
Hindalco Industries has announced the sale of a land parcel in Kalwa, Maharashtra to Ekamaya Properties, a subsidiary of Birla Estates, for Rs 595 crore.
Hindalco IndustriesEkamaya PropertiesBirla EstatesLand SaleReal EstateReal Estate MaharashtraJul 15, 2024
In July 2023, Hindalco Industries had announced that its Board of Directors had approved a proposal to sell the land parcel to Birla Estates Private Ltd. However, the company has now revealed that the transaction will be entered into with Ekamaya Properties Pvt Ltd, a wholly-owned subsidiary of Birla Estates Pvt Ltd.
Hindalco Industries operates across the value chain, from bauxite mining, alumina refining, coal mining, captive power plants, and aluminium smelting to downstream rolling, extrusions, and foils. Along with its subsidiary Novelis, Hindalco Industries is the global leader in flat-rolled products and the world's largest recycler of aluminium.
The sale of the land parcel is expected to contribute to Hindalco Industries' efforts to optimize its resources and focus on its core business operations. The company has not disclosed the exact use of the land parcel by Ekamaya Properties, but it is likely that the latter will develop the property for commercial or residential purposes.
About Hindalco Industries
Hindalco Industries is a leading aluminium and copper producer in India. The company operates across the value chain, from bauxite mining, alumina refining, coal mining, captive power plants, and aluminium smelting to downstream rolling, extrusions, and foils. Hindalco Industries is also the global leader in flat-rolled products and the world's largest recycler of aluminium.
About Birla Estates
Birla Estates is a real estate development company that operates in India. The company is a subsidiary of the Aditya Birla Group, a multinational conglomerate with interests in various sectors, including cement, chemicals, textiles, and more. Birla Estates focuses on developing residential and commercial properties across India, with a presence in major cities such as Mumbai, Delhi, and Bangalore.
Frequently Asked Questions
Who is the buyer of the land parcel from Hindalco Industries?
The buyer of the land parcel is Ekamaya Properties Pvt Ltd, a wholly-owned subsidiary of Birla Estates Pvt Ltd.
What is the value of the land parcel being sold by Hindalco Industries?
The value of the land parcel being sold is Rs 595 crore.
Where is the land parcel situated?
The land parcel is situated in Kalwa, Maharashtra.
What is the business of Hindalco Industries?
Hindalco Industries is a leading aluminium and copper producer in India.
What is the primary focus of Ekamaya Properties?
Ekamaya Properties is a real estate development company that focuses on developing residential and commercial properties across India.
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