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Century Textiles rallies on acquiring 16-acre land parcel in Pune | Capital Market News


Century Textiles and Industries advanced 4.50% to Rs 2,314.90 after Birla Estates announced to acquire land parcel of 16.5 acres in Manjri, Pune.

Birla Estates is a wholly owned subsidiary of Century Textiles and Industries and the real estate venture of the Aditya Birla Group.

The land parcel spans 16.5 acres with a development potential of approximately 32 lakh square feet, with an estimated revenue potential of Rs 2,500 crore.

The project is situated on the Pune-Solapur Highway offering seamless connectivity to several IT hubs including Kharadi, Magarpatta and Phursungi as well as the Hadapsar MIDC.

Located in the rapidly emerging micro-market of Manjri, Pune, the project is situated on the Pune-Solapur Highway offering seamless connectivity to several IT hubs, including Kharadi, Magarpatta, and Phursungi, as well as the Hadapsar MIDC.

Furthermore, the project is conveniently connected to educational institutions, healthcare facilities, and shopping centers, making it a lucrative investment opportunity. The area is poised for substantial growth due to its excellent connectivity to the Pune ring road.

K T Jithendran, MD & CEO at Birla Estates said, Pune is a strategic market for us and this acquisition is a step towards our ambitious growth plans. The Pune Sholapur corridor is transforming at a rapid pace and we intend to enhance living standards in Manjri by delivering meticulously designed homes that seamlessly integrate contemporary architecture with thoughtfully chosen amenities.

Century Textiles & Industries has presence in cotton textiles, pulp & paper and real estate sectors.

The Aditya Birla Group company reported a 4.40% fall in consolidated net profit to Rs 160.28 crore despite of 59.84% jump in sales to Rs 1,542.11 crore in Q4 FY24 over Q4 FY23.

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First Published: Jun 24 2024 | 2:54 PM IST



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