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July 24, 2007
Nitco Tiles making money through Nitco Realties also
Nitco Tiles Ltd has informed that the Company is engaged in the business of Real Estate development through its wholly owned subsidiary Nitco Realties Pvt Ltd. For these initial set of properties Knight Frank has valued the Net Present Value of the land bank of the Company at Rs 406 crores. These projects will be completed over a period of 3 years.So when they start about landbanks soon they may come out with IPO , thats what is happening most probably with most of the company.
NITCO Realties Pvt. Ltd. (Nitco Realties) is a 100% subsidiary of NITCO Tiles Ltd. Nitco Realties is in the business of development of real estate. Nitco Realties is developing several real estate properties through Special Purpose Vehicle (SPV) wherein its interest ranges from 20% to 100%. The share of Nitco Realties in the areas under development under various SPVs is approx. 5.4 lakhs sq. ft. out of which 1.6 lakhs sq. ft., 3 lakhs sq. ft. and 0.80 lakhs sq. ft. is being developed at Worli (Mumbai), Goregaon (Mumbai) and Pune respectively. There are also other projects in the pipeline.
Posted by rupya at July 24, 2007 12:40 AM