Hindalco Lands a Lucrative Deal: Sells Maharashtra Parcel to Birla Estates Subsidiary
Hindalco Industries has struck a deal with Ekamaya Properties Pvt Ltd, a subsidiary of Birla Estates, to sell a land parcel in Kalwa, Maharashtra for Rs 595 crore.
Hindalco IndustriesBirla EstatesAditya Birla GroupMaharashtraReal EstateReal Estate MaharashtraJul 15, 2024
The land parcel, located in Kalwa, Maharashtra, spans over several acres and is prime real estate. The sale of this land is part of Hindalco's strategy to focus on its core business operations and reduce its debt burden. The company has been working towards deleveraging its balance sheet and improving its financial performance.
Birla Estates, a real estate company and a subsidiary of the Aditya Birla Group, is looking to expand its presence in the Indian real estate market. The acquisition of this land parcel is a strategic move by the company to strengthen its portfolio and develop a prime residential project.
The deal is expected to be completed within the next few months, subject to customary regulatory approvals. The sale proceeds will be used by Hindalco to reduce its debt and improve its liquidity position.
This deal highlights the growing demand for prime real estate in India, particularly in regions like Maharashtra. The state has seen significant growth in recent years, driven by its strong economy and infrastructure development. The deal also underscores the confidence of investors in the Indian real estate market, which is expected to continue growing in the coming years.
Information
Hindalco Industries is a leading aluminium and copper manufacturing company in India. The company is part of the Aditya Birla Group and has a presence in multiple countries around the world.
Birla Estates is a real estate company and a subsidiary of the Aditya Birla Group. The company is focused on developing premium residential projects across India.
Aditya Birla Group is a multinational conglomerate with a presence in multiple sectors, including aluminium, copper, cement, and more. The group has a significant presence in India and employs thousands of people across the country.
Frequently Asked Questions
How much did Hindalco sell the land parcel for?
Rs 595 crore
Who is the buyer of the land parcel?
Ekamaya Properties Pvt Ltd, a subsidiary of Birla Estates
Where is the land parcel located?
Kalwa, Maharashtra
What is Hindalco's strategy behind selling the land parcel?
To focus on core business operations and reduce debt burden
What is Birla Estates' plan for the acquired land parcel?
To develop a prime residential project
Related News Articles
Godrej Properties Launches First Residential Project in Hyderabad - Godrej Madison
Godrej Properties, a prominent player in the real estate sector, has announced its entry into the vibrant Hyderabad market with the launch of its first residential project, Godrej Madison.
Mumbai and New Delhi: Top Real Estate Investment Destinations in Asia-Pacific in 2024
In 2024, India's real estate sector witnessed a record-high investment of $11.4 billion, marking a 54% increase from the previous year. Mumbai and New Delhi have emerged as top investment destinations in the Asia-Pacific region according to CBRE's latest
India Poised to Become Asia's Real Estate Powerhouse
India is set to surpass China as the real estate capital of Asia, with a projected worth of $36 billion in 2024, driven by a growing middle class and increasing urbanization.
The Guardians’ Real Estate Advisory Achieves Sales of Over Rs 1000 Crore
The festive season has proven to be beneficial for Mumbai and Pune's real estate markets, with industry statistics and sales numbers indicating a significant rise in property transactions.
Transforming India's Realty Landscape: The Power of Blockchain
Blockchain technology is gradually transforming real estate across the world by introducing transparency, security, and efficiency in property transactions.
Cutting-Edge Campus: A Beacon of Sustainability
Infosys' net-zero energy campus in Maharashtra sets a new benchmark for sustainability and innovation in real estate development.