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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. The company also said it is not a related party transaction.
- Also read: HCCB appoints Harsh Bhutani as CFO
The deal is expected to be completed in three months.
Calls off Novelis IPO
Earlier, Hindalco Industries, which is on a major expansion plan both in India and globally, has called off plans to raise up to $1.08 billion by listing its US subsidiary Novelis India on the New York Stock Exchange through initial public offering due to unfavourable market condition.
Hindalco Industries acquired Novelis for $6 billion including its $2.4-billion debt in 2007.
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