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Punj Lloyd forays into Real Estate Development, signs MoU with Ramprastha Group

Posted On: 2007-08-03 00:25:53

"Punj Lloyd, a global EPC player in the energy and Infrastructure sector, has signed a Memorandum of Understanding with the Ramprastha Group for the development of multi-storied residential housing through a 50:50 Joint venture (JV) of Punj Lloyd (or its affiliates) and the Ramprastha Group. The MOU envisages development of residential apartments by the JV in Ghaziabad in approximately 29 acres in Vaishali in the first phase. In the second phase, substantial real estate development is proposed in Indrapuram and Gurgaon, where the Ramprastha Group holds a large land-bank. Punj Lloyd (or its affiliates) is expected to make an initial investment in the Joint venture to the extent of Rs 180 crore and a similar initial investment is planned by the Ramprastha Group.

Bordering Delhi on its east, Ghaziabad is rapidly emerging as the residential hub for IT professionals working in NOIDA and Delhi. Newsweek in their article on '10 Most Dynamic Cities' worldwide has described Ghaziabad as 'India's hottest city and that "it is emerging as the next popular address for Delhi-bound commuters". Ghaziabad is also gaining popularity owing to its proximity to the location of the Commonwealth Games. Both projects proposed to be taken up by the JV are located on the "under development' metro line, 25 minutes from Delhi's CBD. The projects form part of an integrated gated township. The projects envisage approximately 2.5 million sq ft of development and are expected to be delivered in a period of 4 years.

The planning, design and construction of the residential complexes will be led by Punj Lloyd's Singapore based subsidiary, Sembawang Engineers and Constructors which has been actively involved in some of Singapore's major infrastructure and landmark real estate development projects like the Four Seasons Hotel, Singapore National Eye Centre, The Edge on Calrnhill Luxury Condominium, Ventura Place, among others. Key projects in India include the Ananda Health Spa in the Himalayas, GE Plaza in Pune and the luxurious GE Gardens Condominium in Mumbai.

The stock was trading at Rs.274.20, up by Rs.6.85 or 2.56%. The stock hit an intraday high of Rs.280.95 and low of Rs.270.45. The total traded quantity was 707491 compared to 2 week average of 500557.

Source: Equity Bulls

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