Birla Estates Subsidiary Buys Hindalco Land for Rs 595 Cr

Hindalco Industries is set to sell a prime land parcel in Kalwa, Maharashtra, to Ekamaya Properties, a wholly-owned subsidiary of Birla Estates, for ₹595 crore. The Board of Directors approved this significant transaction on July 12, 2023, marking a strategic move for the aluminium giant.

The deal, however, is contingent upon the signing of definitive documents, the fulfillment of customary closing conditions, and the acquisition of necessary regulatory approvals. Hindalco's decision to monetize this asset aligns with its broader strategic objectives.

Ekamaya Properties, under Birla Estates, aims to leverage this acquisition to expand its footprint in the real estate sector. This transaction underscores the ongoing consolidation and expansion within the Aditya Birla Group's diverse business portfolio.

Hindalco Industries, renowned for its comprehensive operations across the value chain from bauxite mining to aluminium smelting, continues to streamline its assets and focus on core business areas. The company’s diverse operations include alumina refining, coal mining, and downstream rolling and extrusions.

This sale highlights Hindalco’s commitment to optimizing its asset portfolio and focusing on strategic growth areas, while Birla Estates strengthens its real estate development pipeline through Ekamaya Properties.

News by Rahul Yelligetti