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FINWIRES

NITCO, House of Abhinandan Lodha Form JV for Alibaug Project

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NITCO (NSE:NITCO, BOM:532722) has partnered with The House of Abhinandan Lodha to develop a mixed-use project in Alibaug, Maharashtra.

The project will span 40 acres and is expected to generate about 45 billion Indian rupees in revenue over five years, with NITCO's share estimated at about 15 billion rupees, according to an Indian bourse filing on Wednesday.

The development will be carried out in phases and is expected to include luxury apartments, townhouses, hospitality facilities and a boutique hotel. The partnership remains subject to necessary approvals and definitive agreements.

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