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
Unlocking Opportunities in the Real Estate Insurance Market: Trends, Insights, and Projections
Discover the latest trends, challenges, and opportunities in the real estate insurance market, featuring key players, regional analysis, and market segmentation.
Pune Real Estate Market Sees 50% Jump in Registered Transactions, Average Home Price Reaches Record High
The number of real estate transactions in Pune has increased significantly, with registered transactions surging by 50% in the April-June 2024 quarter.
Haryana and Jammu & Kashmir Assembly Election Dates Announced by EC; Results to be Declared on October 4
The Election Commission of India has announced the dates for the Haryana and Jammu & Kashmir assembly elections. The polls will be held in a single phase on October 21, and the results will be declared on October 4.
Century Textiles Acquires 10-Acre Land in Mumbai for ₹1100 Crore, Expects ₹14,000 Crore in Revenue
Century Textiles plans to develop the land through its real estate subsidiary Birla Estates, expecting ₹14,000 crore in revenue from the project.
Virgo Daily Horoscope for September 14, 2024: A Temporary Setback in Assets and Real Estate Deals
Be cautious with real estate deals today, as a temporary decline in assets may occur. However, this setback will be short-lived.
DLF Q2 Earnings Skyrocket: Net Profit Surges to ₹1381 Crore
DLF, India's leading real estate firm in terms of market capitalization, has reported a remarkable surge in its Q2 net profit, jumping over twofold to ₹1381 crore. The company, primarily engaged in the development and sale of residential and commercial pr