NITCO Acquires Key Real Estate Assets to Expand Business Operations

Mumbai, January 28, 2025 – NITCO Limited, a leading player in the tiles and real estate sector, has announced the acquisition of equity stakes and interests in four entities to enhance its presence in real estate development. The Board approved the acquisitions of Directors during their January 27, 2025 meeting. It aligned with the company's strategic business expansion and value creation goals.

Key Acquisitions​

NITCO has entered into Share Purchase Agreements (SPA) and a Deed of Admission-Cum-Retirement to acquire stakes in the following entities:

1. Rejoice Reality Private Limited (RRPL):
   • Acquired 100% equity stake for ₹1.50 crore.
   • Upon completion, RRPL will become a wholly-owned subsidiary, and its subsidiary Recondo Limited will become a step-down subsidiary.
2. Norita Investments Pvt. Ltd. (NIPL):
   • Acquired 100% equity stake for ₹25 lakh.
   • NIPL will become a wholly-owned subsidiary of NITCO.
3. Anand Shree Bombay (Holding) Private Limited (ASBHPL):
   • Acquired 25% equity stake for ₹1 crore.
4. Reliant Properties & Realty LLP (RPRL):
   • Acquired 80% interest for ₹76.28 lakh.

Strategic Rationale​

NITCO stated that these acquisitions are part of its growth-focused strategy to tap into these entities' real estate development potential. The move will maximize stakeholder value and ensure the company's long-term sustainability and profitability.

Details of Acquired Entities​

• RRPL and NIPL: Both entities are engaged in real estate activities and were incorporated in India under the Companies Act, 1956.
• RPRL: A Limited Liability Partnership involved in real estate development.
• ASBHPL: Focuses on holding assets and real estate development in India.

Financial Implications​

NITCO is funding these acquisitions through cash considerations, and no regulatory approvals are required for their completion. The transactions are expected to strengthen NITCO's market positioning in the real estate sector.