NITCO has entered into a joint venture with The House of Abhinandan Lodha (HoABL) to develop a 40-acre premium mixed-use project in Alibaug.
NITCO said in its regulatory filing that the development is expected to generate approximately Rs 4,500 crore in revenue over five years.
A Memorandum of Understanding (MOU) between NITCO and its wholly owned subsidiary NITCO Realties, and HoABL through its wholly owned subsidiary, HoABL Impactum Land to formalise the joint venture.
NITCO’s Alibaug project: Luxury apartments, townhouses planned
The proposed development will be a premium mixed-use project featuring luxury apartments and townhouses. It will also include curated amenities and hospitality offerings.
A boutique hotel is also proposed as part of the larger development.
The project is expected to be developed in phases. Further details will be announced at a later stage.
NITCO’s share of the proposed development is expected to be around Rs 1,500 crore over a period of five years.
NITCO sees ‘meaningful long-term value’ in project
“This partnership represents an important milestone for NITCO as we continue to take a thoughtful and strategic approach towards our land assets. We believe the proposed development will create meaningful long-term value and marks a significant step in our broader growth journey,” said Vivek Talwar, Chairman and Managing Director, NITCO.
About NITCO
NITCO has been operating in the surface industry for more than 70 years and offers tiles, marble and mosaic products.
The company has a presence in more than 55 countries and supplies products through a network of over 650 dealers, nine Le Studio experience centres and more than 90 franchise stores across India and Nepal.
NITCO also focuses on sustainable manufacturing and recycling initiatives as part of its operations.
NITCO share price
The share price of NITCO is trading flat in the intraday trading session. The stock has declined 9.94% in last one month. On year-to-date (YTD) basis NITCO shares has declined 3.95%.