In an important move for NITCO Limited, the company has approved a significant plotted development project on approximately 70 acres of land situated at Alibaug, in the Raigad district of Maharashtra. The land, located in villages such as Shrigaon, Kalwadkhar, Mondvira, and Dehenkoni, will be developed through a joint venture with Total Environment Building Systems Private Limited.

The Board of Directors of NITCO Limited, in their meeting held on February 12, 2025, sanctioned the development, which is expected to play a key role in NITCO’s real estate ambitions. As per the disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, the transaction is subject to the completion of certain approvals and conditions, including shareholder and lender approvals, which are necessary for the development to proceed.

Project Timeline

The development is expected to begin once Total Environment Building Systems secures all required approvals, including the RERA registration. The project is expected to commence within 60 days of these approvals and is anticipated to take approximately three years to complete. This timeline will be subject to all necessary conditions being fulfilled in accordance with the Memorandum of Agreement (MOA) and other legal documents between the parties.

Transaction Details and Structure

NITCO Limited will receive project revenue as the consideration from the development, which will be handled by Total Environment Building Systems, a private company based in Bangalore. Notably, the company does not belong to the promoter group of NITCO, and the transaction is not classified as a related-party transaction.

The agreement does not fall under any existing Scheme of Arrangement and will be executed through a Joint Development Agreement or other definitive agreements between NITCO and Total Environment Building Systems. The company assures compliance with all applicable regulations, including Regulation 37A of the SEBI Listing Regulations.

About NITCO Limited

NITCO Limited is a prominent name in India, primarily engaged in the manufacturing and development of high-quality tiles and flooring solutions. With a history of excellence in the industry, NITCO is now diversifying into real estate development to explore new growth opportunities.

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