Birla Estates (BEPL), a wholly owned subsidiary of Century Textiles and Industries (CTIL), has bought a land parcel situated at Kalwa, Thane from Hindalco Industries (HIL) for Rs 595 crore, both the companies informed in separate BSE filings.
“The board of directors have approved the proposal to acquire the land parcel situated at Kalwa, Thane, Maharashtra from Hindalco Industries (HIL) for a total consideration of about Rs. 595 crore to be paid over a period of time in multiple tranches and 1.5% of the sales revenue..,” CTIL said in the regulatory filing.
The expected date of completion of sale is 15 months.
The definitive documents are yet to be signed. “The transaction is subject to signing of definitive documents, completion of customary closing conditions under the definitive documents and receipt of regulatory approvals,” said HIL in the regultory filing.