Century Textiles to Launch Real Estate Projects Worth Rs 12,000 cr in FY25
In an attempt to transform into a major player in the real estate market, Century Textiles & Industries Ltd. announced that it intends to start residential projects in the current fiscal year that may bring in up to Rs 12,000 crores.
The company reaffirmed its intention to concentrate on its four primary real estate markets—the Mumbai metropolitan area, Bengaluru, the National Capital Region, and Pune—for the next two years on an investor call following the release of its April–June financial results.
The company now has a pipeline of residential projects with a combined potential income of about Rs 54,000 crores spread throughout the four regions. Additionally, Century Textiles intends to demolish and rebuild its Worli headquarters in Mumbai, a desirable area of the city that may generate an additional Rs 2,000 crores in revenue for the business.
K T Jithendran, Managing Director and CEO of Birla Estates, Century Textiles’ wholly-owned subsidiary that oversees its real estate operations, stated during the call that the company is looking for private equity and other investments, but that these will be made on a project-by-project basis rather than with the intention of going public.
