Hindalco Industries, a leading industrial conglomerate, has announced the sale of a land parcel located in Kalwa, Maharashtra, to Ekamaya Properties Pvt Ltd, a wholly-owned subsidiary of Birla Estates Pvt Ltd, for a sum of INR 595 crore. This transaction, approved by Hindalco's Board of Directors, will enable Birla Estates to further expand its footprint in the real estate sector. Birla Estates has a diversified portfolio encompassing residential, commercial, and mixed-use properties. It has large ongoing projects in Gurugram and New Delhi.
Hindalco Industries, a leading industrial conglomerate, has announced that it will sell a land parcel located in Kalwa, Maharashtra, to Ekamaya Properties Pvt Ltd, a wholly-owned subsidiary of Birla Estates Pvt Ltd, for a sum of INR 595 crore.
The decision to sell the land parcel was initially approved by Hindalco Industries' Board of Directors on July 12, 2023, with the intention to sell it to Birla Estates Pvt Ltd. However, the transaction will now be entered into with Ekamaya Properties Pvt Ltd, a wholly-owned subsidiary of Birla Estates Pvt Ltd, as per the regulatory filing made by Hindalco Industries.
The transaction between Hindalco Industries and Ekamaya Properties Pvt Ltd, is subject to the signing of definitive documents, the completion of customary closing conditions, and the receipt of necessary regulatory approvals.
Birla Estates Pvt Ltd is a prominent real estate developer in India and a wholly-owned subsidiary of the Aditya Birla Group. The company, which was established in 2016, boasts a diversified portfolio encompassing residential, commercial, and mixed-use properties.
Recently, Birla Estates acquired a five-acre land parcel in sector 71, Gurugram. The project has a development potential of around 10 lakh square feet (sqft) and the company targets to generate a revenue of over INR 1,400 crore. Birla Estates has undertaken projects at Golf Course Extension road and Sector 31 in Gurugram and also at Mathura Road in New Delhi.
In June this year, Birla Estates had signed a pact to enter into a joint venture (JV) with Barmalt India to develop a 13.27-acre land parcel for a luxury residential group housing at sector 31 in Gurugram. The acquisition of the land parcel in Kalwa, Maharashtra, is expected to further strengthen Birla Estates' real estate portfolio and contribute to the company's continued expansion in the region.
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