Century Textiles gains after its subsidiary acquires land in Pune with revenue potential of ₹2,500 crore
Century Textiles on Monday, June 24, said its wholly-owned subsidiary Birla Estates has acquired 16.5 acre land in Manjri, Pune. The area has a development potential of around 32 lakh square feet and an estimated revenue potential of ₹2,500 crore, the company said.
The project is located on the Pune-Solapur highway and offers connectivity to several IT hubs including Magarpatta, Kharadi, Phursungi and Hadapsar MIDC, the company said.
"Pune is a strategic market for us and this acquisition is a step towards our ambitious growth plans," said KT Jithendran, the MD and CEO of Birla Estates.
He added that the Pune Solapur corridor is transforming at a rapid pace and the company intends to enhance the living standards in Manjri by "delivering meticulously designed homes that seamlessly integrate contemporary architecture with thoughtfully chosen amenities."
The project also offers connectivity to educational institutions, healthcare facilities and shopping centres. "The area is poised for substantial growth due to its excellent connectivity to the Pune Ring Road," the company added.
Earlier this month, Birla estates entered a joint venture with Barmalt India for a ₹5,000 crore luxury housing project in Gurugram.
The land parcel is spread across 13.27 acre with a development potential of approximately 2.4 million square feet offering a revenue potential of approximately ₹5,000 crore
Century Textiles shares were trading 4.3% higher at ₹2,314 apiece at 1.50 pm on Monday, June 24. The stock has gained 190.85% in the past year.