Hindalco Industries board approves proposal to sell land for Rs 595 cr

Hindalco Industries' board on Wednesday approved a proposal to sell a land parcel at Kalwa, Maharashtra, for Rs 595 crore.

The transaction is subject to the signing of definitive documents, completion of customary closing conditions and the receipt of regulatory approvals, if any, Hindalco Industries said in a regulatory filing.

The definitive documents shall be signed in due course, it said, adding that the expected date of completion of the sale/disposal is 15 months.

Hindalco further said it will receive Rs 595 crore in multiple tranches over a period of time.

Birla Estates Private Limited, a wholly-owned subsidiary of Century Textiles and Industries Limited, is the buyer and not a part of the promoter/promoter group/group companies, as defined under the Securities and Exchange Board of India (Sebi), it said.

Hindalco Industries Limited is the metals flagship company of the Aditya Birla Group. A USD 26-billion firm, Hindalco is an industry leader in aluminium and copper.

Shares of Hindalco Industries rose 0.02 per cent to close at Rs 424.65 apiece on BSE.