New Delhi: Nirma Group has bought a 13,476 square metre plot in Ahemdabad for Rs 213 crore.
This was one of the three plots being e-aunctioned by Ahmedabad Municipal Corporation (AMC). The Corporation had offered the plot at Rs 1.59 lakh per square meter.
The plot is located in upscale locality behind Rajpath club. Nirma Group quoted Rs 300 per square meter more than the base rate set by the AMC and won the plot.
Nirma Group is present in cement business through its subsidiary Nuvoco Vistas Corporation Ltd. Recently, Nuvoco announced the acquisition of Emami’s cement business for a total enterprise value of Rs 5,500 crore.
With this acquisition, Nuvoco’s overall cement making capacity will touch 23.5 million tonnes and around 60 ready-mix concrete plants.