Joint Venture Details
NITCO Limited has entered into a joint venture with The House of Abhinandan Lodha (HoABL) for the development of a 40-acre premium mixed-use project in Alibaug. The joint venture has been formalized through a Memorandum of Understanding between:
- NITCO Limited and its wholly owned subsidiary NITCO Realties Private Limited
- HoABL through its wholly owned subsidiary HoABL Impactum Land Private Limited
Project Details
Location: Thal and Lonare villages in Alibaug
Project Type: Premium multi-development project comprising:
- Luxury apartments
- Townhouses
- Curated amenities
- Hospitality offerings
- Proposed boutique hotel
Financial Projections:
- Total expected revenue generation: Approximately ₹4,500 crore
- Revenue timeline: Over five years
- NITCO's expected share: Approximately ₹1,500 crore
Development Timeline and Conditions
The development is expected to be undertaken in phases. Further details regarding the project will be announced in due course. The transaction remains subject to:
- Statutory approvals
- Execution of definitive agreements
Management Commentary
Vivek Talwar, Chairman & Managing Director of NITCO Limited, stated: "This partnership represents an important milestone for NITCO as we continue to take a thoughtful and strategic approach towards our land assets. We believe the proposed development will create meaningful longterm value and marks a significant step in our broader growth journey."