Aditya Birla Group's metals flagship Hindalco Industries Ltd on Wednesday, July 12, said the company is selling Kalwa land to Birla Estates Private Ltd for Rs 595 crore.

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The company said in an exchange filing that “Rs 595 crore to be received in multiple tranches over a period of time and 1.5 percent of the sales revenue.”

Birla Estates Private Ltd is a wholly-owned subsidiary of Century Textiles and Industries Ltd (CTIL).

"However, the transaction is being carried out on arm’s length basis, based on an Independent Valuation report, duly approved by the Audit Committee of the company," it said.

Hindalco Industries reported a 37 percent fall in its consolidated net profit to Rs 2,411 crore for the March quarter. The company posted a net profit of Rs 3,860 crore during the January-March quarter of 2021-22.

The total income of the company was Rs 56,209 crore in the quarter under review against Rs 56,057 crore in the year-ago quarter. Expenses were at Rs 53,372 crore, higher than Rs 51,026 crore a year ago.

Shares of Hindalco Industries Ltd ended at Rs 424.70, up by Rs 0.15, or 0.035 percent on the BSE.

(Edited by : Shoma Bhattacharjee)