CTIL Acquires Prime Mumbai Land from Nusli Wadia for Rs 1,100 Crore

Century Textiles and Industries Ltd (CTIL) acquired a 10-acre leasehold land parcel in Worli, Mumbai from Nusli Wadia for Rs 1,100 crore. This acquisition is expected to generate Rs 14,000 crore in revenue from real estate developments. The land will be developed by Birla Estates, a subsidiary of CTIL.

On Tuesday, Century Textiles and Industries Ltd (CTIL) announced the acquisition of ownership rights to a 10-acre leasehold land parcel in Worli, Mumbai from Nusli Wadia for a staggering Rs 1,100 crore. This strategic move is expected to yield Rs 14,000 crore in revenue from future real estate developments on the site.

As per regulatory filings, this transaction consolidates the company's existing leasehold interest with the newly acquired ownership rights. The land development will be spearheaded by Birla Estates, a wholly owned subsidiary of CTIL. The firm anticipates that this 10-acre land parcel will add an approximate booking value potential of Rs 14,000 crore to its portfolio.

This land acquisition also contributes to a gross 30-acre contiguous landholding in the prime Worli area, forecasting an overall booking value potential of about Rs 28,000 crore. Part of this landholding is Birla Niyaara, a flagship project of Birla Estates, which boasts cumulative sales of over Rs 5,700 crore since its launch. With a 125-year legacy, CTIL is a notable player in real estate and pulp and paper sectors, under the Aditya Birla Group.

(With inputs from agencies.)