The shares of Century Textiles and Industries Ltd rose as much as 3.4 percent on Friday after the real estate arm of the company announced acquiring a 10-acre land parcel in Bengaluru.
The stock of the company was trading 1.1 percent higher at Rs 880.2 on BSE at 10:07 am.
Birla Estates Pvt Ltd, a wholly owned subsidiary and the real estate arm of Century Textiles, on Thursday announced that it acquired a 10-acre land parcel at Raja Rajeshwari Nagar, South Bengaluru. The project has a development potential of one million square feet with a
revenue potential of Rs 900 crores.
It is one of the largest land parcels available for vertical development in a neighbourhood dominated by plots and individual houses, and Birla Estates plans to launch a premium residential development. This is in line with other land parcels developed by Birla Estates across the company’s key markets, the company said in an exchange filing.
On the new project, KT Jithendran, CEO, Birla Estates said, “We are delighted to announce our fourth project in Bengaluru at Raja Rajeshwari Nagar. This outright acquisition is in line with our aggressive expansion plans across key markets of Bengaluru, MMR, Pune and NCR regions.”
Birla Estates has launched two projects in Bengaluru – Birla Alokya and Birla Tisya. Another project, an integrated mini-township project in North Bengaluru, was announced in early 2022.
With Birla Estates, Century Textile forayed into the real estate sector in 2016. Currently, Birla Estates has five ongoing residential developments spread across the Mumbai Metropolitan Region (MMR), Bengaluru, and the National Capital Region (NCR) — with new projects planned in each of these markets.
The real estate business forms a small part of Century Textile's overall revenue mix. For the April-June period of FY23, the Real Estate business contributed three percent to the company's overall topline. Majority of Century Textile's revenue (73 percent) comes from the Paper & Pulp business.
