Nitco's realty arm floats SPV for enhanced op

New Delhi, Jan 25: Nitco Tiles Ltd today said its realty arm, Nitco Realities Pvt Ltd, has formed a special purpose vehicle (SPV) for enhanced operations in the sector.

Nitco Realities' interest ranges from 20-100 per cent in the SPV.

The company's share in the area under development under various SPVs as on date is about 5.4 lakh sq ft. Of this, about 1.60 lakh sq ft, 3 lakh sq ft and 0.80 lakh sq ft is being developed at Worli, Goregaon and Pune respectively.

''There are also other projects which are in the pipeline,'' a company statement said today.

The company became a wholly-owned subsidiary of Nitco Tiles in July last year.

UNI