The Memorandum of Understanding (MOU), signed on August 24, covers land in the Thal and Lonare villages of Alibaug Taluka in Raigad district, Maharashtra.
The transaction is expected to generate consideration of approximately ₹1,300 crore to ₹1,500 crore over a period of five years, according to Nitco’s exchange filing on Monday.
Nitco said ₹9 crore has already been received by cheque as a security deposit in connection with the transaction.
Development rights granted for Alibaug land
Under the MOU, Nitco, Nitco Realties and promoter Vivek Talwar, collectively referred to as the “Owners”, have granted development rights over the land parcels at Thal and Lonare to HOABL for their joint development.
The company said definitive agreements and other documents will be executed after fulfilment of the conditions precedent and receipt of requisite approvals, if any. Nitco will make further disclosures to the stock exchanges once the transaction involving the immovable properties is fully completed.
The filing also states that HOABL does not have any shareholding in Nitco and the transaction does not fall under related-party transactions.
According to the disclosure, the agreement does not provide HOABL with special rights such as the right to appoint directors or rights relating to changes in Nitco’s capital structure.
Nitco Realties Private Limited is a wholly-owned subsidiary of Nitco, while Vivek Talwar is a promoter of the company. HOABL Impactum Land, meanwhile, does not belong to Nitco’s promoter, promoter group or group companies, the filing said.
The latest development follows CNBC-TV18’s earlier report on April 13, 2026, on a potential joint development agreement between Nitco and the House of Abhinandan Lodha for the Alibaug land parcels.
Shares of Nitco Ltd gained as much as 13.5% to an intraday high of ₹109.25 on Tuesday, but have since pared most of the gains and were trading at ₹101.43 as of 10.39 am, still up 5.35%. The stock has advanced about 34% over the last six months, while delivering a negative 18% return over the last year.
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