Hindalco to sell land parcel in Maharashtra to Birla Estates' subsidiary Ekamaya Properties for Rs 595 crore

New Delhi: Hindalco Industries on Monday said it will sell a land parcel at Kalwa, in Maharashtra to Ekamaya Properties Pvt Ltd, a wholly owned subsidiary of Birla Estates Pvt Ltd for Rs 595 crore.

On July 12, 2023, the company had said that the Board of Directors had approved a proposal for sale of a land parcel situated at Kalwa, Maharashtra, to Birla Estates Private Ltd.

"... The aforesaid transaction shall now be entered into with Ekamaya Properties Pvt Ltd, a wholly owned subsidiary of Birla Estates Pvt Ltd (instead of Birla Estates Pvt Ltd)," Hindalco Industries said in a regulatory filing on Monday.

The transaction is subject to signing of definitive documents, completion of customary closing conditions and receipt of regulatory approvals, it said.

Hindalco Industries operates across the value chain, from bauxite mining, alumina refining, coal mining, captive power plants and aluminium smelting to downstream rolling, extrusions, and foils.

Along with its subsidiary Novelis, Hindalco Industries is the global leader in flat-rolled products and the world's largest recycler of aluminium.