JV Formed by Birla Estates and Barmalt India for the Luxury Gurugram Housing Project

On June 5, 2024, Century Textiles and Industries Limited (CTIL) announced that its subsidiary Birla Estates Pvt. Ltd. entered into a joint venture with Barmalt India Pvt. Ltd. for a luxury residential group housing development initiative in Sector 31, Gurugram. 

Birla Estates Private Limited:

It is a wholly-owned subsidiary of Century Textiles and Industries Limited (CTIL). The company is a real estate arm of the Aditya Birla Group. K.T. Jithendran, MD and CEO of Birla Estates extended his pleasantries on the expansion of the company’s projects in the NCR region. 

Barmalt India Pvt. Ltd. 

Barmalt is the largest manufacturer of malt and malt extract in India. Since its inception, they have aimed to use technology as the major tool for creating a strong and strategically integrated company with quality assets and people. It is only with the assurance of optimum quality that they are able to deliver products and services of optimum quality. Headquartered in Gurugram, Akashi Jindal, CEO of Barmalt while talking about the JV mentioned the importance of their market experience in delivering the luxury lifestyle experience to the buyers.

About the Joint Venture:

On June 5, 2024, both companies entered into a joint venture for the housing development of a luxury residential group in Sector 31, Gurugram, Haryana. The land, for the same, is spread across 13.27 acres with a development potential of approx. 2.4 Million square feet. It has exceptional connectivity to Cyber City, Golf Course Road, and Sohna Road with easy access to NH-48 and the metro line. According to a stock filing, the revenue potential of the project is valued at approximately Rs.5000 crore. 

Conclusion:

With the roots of Barmalt India in Gurugram and the technological input of Birla Estates, the joint venture has proven to be successful, as of today, as the share price of Century Textiles surged by 12.8% today. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.