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Aditya Birla Real Estate Fund
ITC Ltd has sought the CCI's approval to acquire the pulp and paper business of Aditya Birla Real Estate Ltd (ABREL) for Rs 3,498 crore. "The proposed transaction refers to the sale of the target business (paper and pulp manufacturing business of ABREL) to the acquirer (ITC Ltd), as a going concern, in accordance with the business transfer agreement executed between the parties," according to a notice filed with the Competition Commission of India (CCI). Established in 1984 at Lalkuan (Nainital, Uttarakhand), pulp and paper undertaking Century Pulp and Paper (CPP) of ABREL is a well-established player in the Indian Paper industry with an installed capacity of 4.8 lakh metric tonnes per annum. According to ITC and ABRE, the "proposed transaction does not raise any competition concerns within the relevant markets as the market is highly competitive, and will not cause any appreciable adverse effect on competition in the relevant markets", the CCI notice said. In March, ABREL announce
Aditya Birla Real Estate Ltd (ABREL) on Monday announced the sale of its pulp and paper business to ITC for Rs 3,498 crore as part of its strategy to focus on property business. In a regulatory filing, ABREL informed that its board approved the execution of the business transfer agreement for the divestment of pulp and paper undertaking situated in Lalkuan, Uttarakhand, by way of a slump sale to ITC Limited. "The transfer of the business will be for a lump-sum cash consideration of Rs 3,498 crore, to be paid by ITC to ABREL," the real estate firm said. The divestment of the pulp and paper undertaking is a value-unlocking exercise. "It will further enable the company to pursue growth opportunities in its core business - real estate," the statement said. Aditya Birla Real Estate Managing Director R K Dalmia said, "The divestment of the Pulp and Paper undertaking by ABREL is a strategic portfolio choice and unlocks value for the shareholders of ABREL". "The company has embarked on a
Birla Estates, a subsidiary of Aditya Birla Real Estate Ltd, is expecting a revenue of Rs 2,700 crore from its first housing project in Pune. In a regulatory filing, Aditya Birla Real Estate informed that its subsidiary Birla Estates has launched its first project in Pune 'Birla Punya' with an estimated revenue potential value of Rs 2,700 crore. The project is spread over 5.76 acres and will feature 1.6 million (16 lakh) sq ft of saleable area including 1,000 flats. The project will be developed in phases, with Phase 1 offering two towers and 500 units. K T Jithendran, MD & CEO of Birla Estates, said, "As Pune's real estate market continues to be on the rise, driven by its thriving IT ecosystem and strong infrastructure development, we see that there is a growing demand for premium homes." Birla Estates has projects in Mumbai, Pune, Delhi-NCR and Bengaluru.
Aditya Birla Real Estate Ltd arm Birla Estates has entered into a joint venture with Mitsubishi Estate Co Ltd (MEC) and will invest Rs 560 crore to develop a housing project in Bengaluru. Birla Estates Pvt Ltd has entered a joint venture with Mitsubishi Estate Co Ltd for a Rs 560 crore investment in a residential housing development in Southeast Bengaluru through a special purpose vehicle (SPV). Under the partnership, Birla Estates and MJR Investment Pte Ltd (MIPL), an affiliate of MEC, will share 51:49 economic interest, respectively, in the SPV. The SPV will lead the development of the premium residential project, which spans 40 lakh square feet of built-up area. KT Jithendran, MD & CEO of Birla Estates, said, "We are pleased to announce our strategic collaboration with Mitsubishi Estate, marking its maiden investment in India's residential real estate sector, to develop premium residential project". Birla Estates develops premium residential housing in key markets. The company