Citadel Realty & Developers Ltd Company Summary

Citadel Realty & Developers Ltd Summary

Citadel Realty and Developers Limited (Formerly known Rohit Pulp & Paper Mills Limited), a unit of Marathon Group was incorporated on July 26, 1960. The Company is primarily engaged in the business of construction, development and sale of residential real estate projects. The Company is into the Slum Rehabilitation Project under Slum Rehabilitation Authority to rehabilitate a slum in Bhandup, which is in the eastern suburbs of Mumbai. The Company, currently is developing project with Shree Swami Smarth Builders in a joint venture in Bhandup.The company diversified into the manufacture of secondary lead and alloys and set-up a metal division at Daman. The company is the pioneer in introducing the technology for the manufacture of bleached varieties of printing and writing paper from rice straw and agricultural waste, thus helping the nation in the conservation of its precious forest resources. The company received the National Energy Conservation Award for three consecutive years from the IBPL Urja Energy Conservation Board, and has been acknowledged by the Government of India for its outstanding record in the field of energy conservation.RPPM has undergone modernisation-cum-expansion of its pulp mills, and has achieved flexibility in using bagasse as an alternative raw material. Its plant to generate electricity by installing wind turbine generators for its captive consumption was commissioned during 1996-97 at a cost of Rs 19.50 crores. Company already commissioned Diesel Generating Set & Bagasse Fired Boiler for saving in the energy cost. The company has become potentially sick company as the accumulated losses of the company has exceeded the net worth. Subsequent to this the company made reference to BIFR to consider the proposal for the rehabilitation of the company.Accordingly, the Board at its Meeting held on 29th March, 2007 approved the Scheme of Amalgamation of M/s. Marathon Realty Ltd., with the Company, which Scheme due to technical reasons could not be completed. However, Marathon Group had acquired the holding of the erstwhile Promoters belonging to the J M Patel Group. Subsequently the Marathon Group in accordance with the SEBI made a Public Offer and effectively took control of the Company on June 27, 2008.The first phase of the Slum Rehabilitation Project at Bhandup was completed and new houses were handed to the authorities concerned;In the sale building of the first phase Project around 18% of the construction activities was completed in 2014. During the year 2019-20, Company ceases to be subsidiary of the Marathon Realty Pvt. Ltd. W.e.f. September 28, 2019.