Century Textiles and Industries Ltd., a company with a rich history of 127 years, is set for a makeover. The company, now owned by the Aditya Birla Group, has proposed a name change. This decision was approved by the board of directors and will require shareholder and government approval.
Founded by the Wadia family, Century Textiles became part of the Birla fold after India’s independence. Though textiles were once a key revenue source, the company has shifted focus. The Worli mill in Mumbai, which once housed textile production, has been redeveloped for real estate purposes.
Textiles currently contribute a flat revenue of ₹12.49 crore, whereas pulp & paper brings in ₹859.07 crore. The real estate sector, however, is showing significant growth, jumping from ₹36.12 crore to ₹92.16 crore in the last year. Century entered this sector in 2016 through Birla Estates.
While real estate revenue doesn’t match pulp & paper yet, it holds promise for the future. Century estimates a gross development value of ₹13,000 crore for ongoing projects and a staggering ₹32,000 crore for upcoming projects, with 60% located in Mumbai.
This move by Century is not unique. Other prominent families like Wadia and Godrej have also monetized their legacy land holdings by venturing into real estate.
