Birla Estates is underway to purchase land from Hindalco Industries (HIL) in Kalwa, Thane.
As per the recent development, Birla Estates, a solely owned subsidiary of Century Textiles and Industries (CTIL), will purchase the land parcel of a whopping Rs. 595 crores from Hindalco Industries. It will take 15 months to complete the paperwork and other formalities related to the land transfer.
Both the companies informed about their buy and sell proposals in the BSE filling. In the filing by Hindalco Industries (HIL), the company said, "The transaction is subject to the signing of definitive documents."