NITCO Limited, a leading player in the building materials industry, has successfully assigned leasehold rights for its prime industrial property in Thane, Maharashtra, to Manometer (India) LLP, formerly Manometer (India) Private Limited.
The transaction involves the assignment of Plot No. F-6/3, a 4,144 square meter property including a factory building, located within the Trans Thane Creek Industrial Area, MIDC, Village Panchpakhadi, Thane.
Under the terms of the agreement, NITCO will receive a monetary consideration of ₹1,100,000/- and a substantial non-monetary benefit including a guaranteed constructed carpet area of 7,459.2 square meters, or 25% of the total Floor Space Index (FSI) area in the development project, whichever is higher. This strategic arrangement is projected to yield approximately ₹100 crore in 2-3 years for NITCO.
NITCO confirms that all stipulated conditions of the assignment deed have been successfully fulfilled by both parties.
“This strategic lease assignment underscores our commitment to optimizing our asset portfolio and driving sustainable growth,” stated Vivek Talwar, Chairman & Managing Director of NITCO Limited. “By leveraging our real estate assets effectively, we are unlocking significant value for our shareholders and reinforcing our position as an industry leader. This initiative aligns with our broader vision of expanding NITCO’s presence in premium development projects.”
This achievement builds upon NITCO’s recent success in securing significant product orders, including contracts with Prestige Estates and Hindustan Associates, totaling ₹200 crore. These orders further demonstrate NITCO’s strong market presence and its ability to capitalize on growth opportunities in the construction sector.
About NITCO Limited
Founded with a vision to redefine spaces with elegance and durability, NITCO Limited is one of India’s most trusted brands in tiles, marble, and mosaic. Renowned for superior quality, design excellence, and a commitment exceeding industry standards, NITCO continues to shape the future of premium surfaces in India and beyond.
