Century Textiles Subsidiary EPPL to Acquire Land Parcel in Thane
Century Textiles subsidiary EPPL to acquire Rs. 595 Crore land parcel in Thane from Hindalco Industries through BEPL, pending regulatory approvals.
by Damodharan N
Updated Jul 17, 2024
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Century Textiles and Industries Limited announced that its wholly owned subsidiary, Birla Estates Private Limited (BEPL), will now carry out the acquisition of a land parcel in Kalwa, Thane, Maharashtra, through another subsidiary, Ekamaya Properties Private Limited (EPPL).
The land, being acquired from Hindalco Industries Limited (HIL), is valued at approximately Rs. 595 Crores, to be paid over multiple tranches along with 1.5% of the sales revenue. This change was informed by BEPL on July 15, 2024, with the transaction pending the signing of definitive documents, completion of customary closing conditions, and receipt of any necessary regulatory approvals.
There are no other material changes to the transaction, and the companies involved are not related parties under the Companies Act, 2013, except for their existing holding and subsidiary relationships.
Check the notice Here
EPPL
Ekamaya Properties Private Limited (EPPL) is a private limited Indian non-government company, incorporated on June 6, 2024, and is based in Mumbai, Maharashtra. The company is currently active and operates as a company limited by shares.
According to the Ministry of Corporate Affairs (MCA) records, EPPL has an authorized capital of Rs 5.00 lakh and a paid-up capital of Rs 1.00 lakh.
Century Textiles
Century Textiles and Industries Ltd., established in 1897 and part of the Aditya Birla Group, has evolved from a single-unit textile company into a diverse business powerhouse. It excels in cotton textiles and has significant operations in the Pulp and Paper and Real Estate sectors.
The company's vision is to produce internationally competitive products with superior quality and continuous innovation. Its mission focuses on delivering high-quality products that offer customers a competitive edge, fostering teamwork, and maintaining integrity.
Century Textiles values customer satisfaction, environmental care, excellence, fairness, and workplace safety. It entered the real estate market in 2016 with Birla Estates and operates a premium textile manufacturing facility in Gujarat under Birla Century.
Century Pulp and Paper produces high-quality writing and printing paper, tissue, board, and Rayon Grade Pulp products.
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Century Textiles Subsidiary EPPL to Acquire Land Parcel in Thane - FAQs
1. Who is acquiring the land parcel in Thane?
Century Textiles subsidiary EPPL, through its parent company Birla Estates Private Limited (BEPL).
2. Which company land parcel being acquired?
The land parcel is being acquired from Hindalco Industries Limited (HIL).
3. Where is the land parcel located?
The land parcel is located in Kalwa, Thane, Maharashtra.
4. What is the value of the land parcel?
The land parcel is valued at approximately Rs. 595 Crores.
5. How will the payment be structured for the acquisition?
The payment will be made over multiple tranches, along with 1.5% of the sales revenue.
6. When was the acquisition announced?
The acquisition was announced by BEPL on July 15, 2024.
7. What are the next steps for completing the acquisition?
The transaction is pending the signing of definitive documents, completion of customary closing conditions, and receipt of regulatory approvals.
8. Are there any other changes expected in the transaction?
There are no other material changes expected apart from those already disclosed.
9. What are the regulatory implications of this acquisition?
The acquisition is subject to regulatory approvals as per the applicable laws.
10. How does this acquisition align with Century Textiles' business strategy?
This acquisition expands Century Textiles' real estate portfolio and supports its strategic growth initiatives in the property development sector.
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