Rs 1,500 Crore Joint Development Deal: This Tiles & Marble Company Signs MoU With HOABL for Alibaug Land Development; Check Details

Om/ 25 Aug 2026 /Categories: Mindshare, Trending

Rs 1,500 Crore Joint Development Deal: This Tiles & Marble Company Signs MoU With HOABL for Alibaug Land Development; Check Details

NITCO Limited, along with its wholly owned subsidiary NITCO Realties and promoter Vivek Talwar, has entered into an MoU with HOABL Impactum Land for joint development of land parcels in Thal and Lonare villages of Alibaug.

✨ Key Takeaways

On Tuesday, Indian equity benchmark indices traded higher, with the benchmark Nifty 50 index rising 21.55 points (0.09 per cent) to 24,240.60. Amid the market movement, NITCO share price jumps 2.54 per cent to Rs 98.73, gaining Rs 2.45 per share after the company announced the execution of a Memorandum of Understanding (MoU) with HOABL Impactum Land Private Limited for the joint development of land situated in Alibaug, Maharashtra.

NITCO Signs MoU for Alibaug Land Development

NITCO Limited, its wholly owned subsidiary NITCO Realties Private Limited and promoter Vivek Talwar, collectively referred to as the Owners, entered into an MoU with HOABL Impactum Land Private Limited (HOABL) on August 24, 2026.

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Under the agreement, the Owners have granted development rights in respect of land situated at Thal and Lonare villages in Alibaug Taluka, Raigad, Maharashtra, to HOABL for the joint development of the said land.

Deal Expected to Generate Rs 1,300-1,500 Crore

According to the company's filing, the transaction is expected to generate consideration of approximately Rs 1,300 crore to Rs 1,500 crore over a period of five years.

The consideration will accrue to and be recognised in the books of NITCO Limited and NITCO Realties Private Limited over the relevant period, in accordance with the terms of the transaction and applicable accounting standards.

As part of the transaction, an amount of Rs 9 crore has already been received by cheque as a security deposit.
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Definitive Agreements Subject to Conditions

The parties will execute the definitive agreements or other relevant documents after fulfilment of the applicable conditions precedent and obtaining requisite approvals, if any.

NITCO stated that it will make the necessary intimation to the stock exchanges once the transaction relating to the immovable properties is fully completed.

The filing further states that HOABL does not belong to the promoter, promoter group or group companies. NITCO Realties is a wholly owned subsidiary of NITCO Limited, while Vivek Talwar is the company's promoter. The transaction with HOABL does not fall under related-party transactions.