Nitco has entered into a joint venture (JV) with the House of Abhinandan Lodha (HoABL) to develop a 40- acre premium mixed-use project in Alibaug, with the development expected to generate around Rs 4,500 crore in revenue over five years. This JV has been formalised through a Memorandum of Understanding (MoU) between NITCO and its wholly owned subsidiary NITCO Realties, and HoABL through its wholly owned subsidiary, HoABL Impactum Land, for the development of land parcels in Thal and Lonare villages in Alibaug.
The development is expected to comprise premium multi development project, with luxury apartments and townhouses, complemented by curated amenities and hospitality offerings. A boutique hotel is also proposed as part of the broader development. NITCO’s share from the proposed development is expected to be around Rs 1,500 crore over a period of five years.
Nitco is engaged in the manufacture of ceramic tiles, vitrified tiles, mosaico, marble, cement terrazzo tiles and cement.
