NITCO Eyes Rs 100 Crore Profit from Thane Property Deal

NITCO aims to achieve Rs 100 crore profit by assigning leasehold rights for its Thane property to Manometer India. The strategic deal includes monetary and significant non-monetary benefits, allowing NITCO to enhance shareholder value and expand its presence in premium development projects.

NITCO, a key player in the building material sector, announced its ambitious plan to achieve approximately Rs 100 crore profit over the next 2-3 years. The profit target arises from its strategic leasehold rights assignment for a prime industrial property in Thane to Manometer India.

The agreement, as detailed by NITCO Ltd, provides the company with a monetary consideration of Rs 11,00,000, as well as a substantial non-monetary benefit. This includes the guarantee of a constructed carpet area of 7,459.2 square meters or 25 percent of the total Floor Space Index (FSI) area of the project, whichever is greater.

Vivek Talwar, Chairman & Managing Director of NITCO Ltd, emphasized the significance of this deal, stating that it exemplifies the company's focus on optimizing asset portfolios and promoting sustainable growth. He highlighted recent successes as stepping stones that are propelling the firm into a leading position in the industry.

(With inputs from agencies.)