Hindalco Industries, an Aditya Birla Group company, has decided to sell off the Kalwa plant land, on the outskirts of Mumbai, to its group company Birla Estates for ₹595 crore. The company will receive 1.5 per cent of the sales revenue as the land is developed and sold off to the prospective customers. Hindalco has signed a definitive agreement with Ekamaya Properties, a wholly-owned subsidiary of Birla Estates. However, Hindalco Industries said Ekamaya Properties is not a part of Promoter/Promoter Group/Group Companies as defined under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, it said. Hindalco Industries acquired Novelis for $6 billion including its $2.4-billion debt in 2007.

Source: The Hindu July 15, 2024 23:20 UTC