According to a BSE filing by Birla Estates, a wholly-owned subsidiary of Century Textiles and Industries, the company has acquired 5.76 acres of land on Wellesley Road in Sangamwadi, Pune, for the development of a premium residential project.
K T Jithendran, MD and CEO of the company, said, “The Pune foray is key to our growth strategy and our ambition to be among the top developers in the country.”
The land purchased from Sudarshan Chemical Industries (SCIL) has a potential revenue of nearly Rs 2,500 crore.
“This deal would not have been possible without our partners Anarock Group and Crawford Bayley & Co., a solicitor’s firm and legal advisors to the transaction. The proceeds from the sale will be used to strengthen our balance sheet,” said Rajesh Rathi, managing director, SCIL.
