Business Update13 May 2026, 10:21 pm
Nitco Modifies Kanjurmarg Land Monetization Terms
AI Summary
Nitco Ltd's board approved modifications to the proposed monetization of land at Kanjurmarg, Mumbai, previously approved by shareholders on July 17, 2024. Due to the transaction not materializing, Nitco is in discussions with the purchaser, M/s. R Siddhatva Developers Private Limited, a step-down subsidiary of M/s. Runwal Construction Private Limited, to execute conveyance deeds and agreements on similar terms. An advance of ₹143 Crores is appropriated against the monetization of 75% of the land, with the balance 25% monetized against an increased area share. Completion of 75% of the sale is expected in four months, and the remaining 25% within one year after regulatory approvals.
Key Highlights
- Nitco modifies terms for Kanjurmarg land monetization with R Siddhatva Developers.
- Shareholders previously approved the monetization on July 17, 2024.
- ₹143 Crores advance is allocated to 75% of the land monetization.
- Balance 25% to be monetized against increased area share in the project.
- 75% sale completion expected in four months, remaining in one year post approvals.